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Cushman & Wakefield Arranges $8.9M Sale for Argon Equity

10/5/2020
Cushman & Wakefield has arranged the $8.9 million sale of The Residences at Fayetteville, a 120-unit apartment community located in Fayetteville, North Carolina. Paul Marley, Watson Bryant and Hunter Bowling of Cushman & Wakefield represented the seller, Argon Equity, in the transaction. Dr. Charles Lee and John Kachel of StarkaProperties Inc. acquired the property.

The Residences at Fayetteville

“We are big believers in the viability of multifamily assets and of the important role they play in providing quality housing for renters across the nation,” said Yoni Benimetzky of Argon Equity. “We pride ourselves on turning apartments into communities, and we look forward to continuing to do so for many years to come.”

Argon Equity's founders, a group of seasoned industry veterans with more than 45 years of real estate investing and operating experience, have been working together for the past decade and plan on continuing to aggressively pursue multifamily opportunities over the coming months.

“StarkaProperties Inc. is excited to continue to enhance the property and finish the renovations that the previous ownership has started,” said Dr. Charles Lee, Founder and CEO. “Through continuing to make capital improvements to the exterior, common areas and enhancing the amenities, we can fully realize the gains for which Yoni and his team laid the foundation. This property is our team’s first acquisition in North Carolina, and we are excited to continue to expand and grow our portfolio in this wonderful state."

Built in 1969 and renovated in 2019, The Residents at Fayetteville offered an opportunity to acquire an asset with very little deferred maintenance after a recent capital infusion of more than $1 million, which included interior renovations and a modern amenities package. Argon Equity fully stabilized the semi-distressed property within 18 months.

“The property is ideally located along major thoroughfares, offering connectivity to top employers and economic drivers, including Fort Bragg, the Cape Fear Valley Medical Center, and the recently completed $40 million Segra Baseball in downtown Fayetteville,” Bryant added.

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). 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 External Link 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 South region. She oversees media relations, thought leadership initiatives, and manages blogs and social media.