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Cushman & Wakefield Arranges Sale for RADCO

2/13/2020

Greenwood at Ashley River Sells for $105,892 Per Unit

Greenwood at Ashley River

Cushman & Wakefield has arranged the $29.65 million sale of Greenwood at Ashley River, a 280-unit apartment community located in North Charleston, South Carolina. Jordan McCarley, Marc Robinson and Tai Cohen of Cushman & Wakefield represented the seller, The RADCO Companies, in the transaction. Brick Lane was the buyer.

“Greenwood at Ashley River demonstrates once again what RADCO does best,” said Norman Radow, CEO of The RADCO Companies. “We identified a struggling property, we modernized and substantially improved it, and then transformed it into a vibrant community. We wish our buyer the same success with the community that we enjoyed.”

“Brick Lane and our partner, Enterprise Community Investment, Inc., are very excited to expand our presence in the North Charleston market and look to add to our portfolio in South Carolina in the future,” said Gib Hale, Vice President of Acquisitions for Brick Lane. “We thank RADCO and Cushman & Wakefield for a smooth transaction.

Greenwood at Ashley River received a substantial allocation of more than $4.3 million in capital for curb appeal and amenity improvements, priming the property for continued steady financial growth. There are minimal new units proposed or under construction in close proximity.

“Greenwood at Ashley River is located near the top economic drivers of North Charleston,” Cohen said. “The property offers Brick Lane an incredible investment opportunity in a well-performing asset in a growing market.”

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Media Contact

Savannah Durban Atlanta Communications
Savannah Durban

Senior Communications Specialist, South Region • Atlanta

Ms. Durban leads public relations for Cushman & Wakefield's Southeast region, including Atlanta, Charlotte, Raleigh-Durham, Nashville and Birmingham. She oversees media relations, thought leadership initiatives, writes and manages blogs and social media, and assists with content creation such as infographics and videos.