Cushman & Wakefield has arranged the $28.15 million sale of Paddock Club, a 200-unit apartment community located in the high-growth market of Florence.
Mike Kemether, Craig Collins and Don Murphy of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. PLK Communities acquired the property.
“Paddock Club is an outstanding value-add asset in a fast-growing market,” said Collins, Senior Director of Cushman & Wakefield’s Commercial Kentucky brokerage team. “Florence/Covington Kentucky is experiencing great demand and apartment occupancy has been running mid- to high-90 percent with increasing rents throughout the submarket.”
Paddock Club is near the dominant retail center in Northern Kentucky, which includes the Florence Mall and an additional 5 million square feet of retail in the immediate submarket. New developments and job counts are expected to rapidly increase in the submarket, with Amazon’s new $1.5 billion cargo hub under construction at the nearby Cincinnati/Northern Kentucky International Airport.
“Paddock Club is strategically located about three miles from the Cincinnati/Northern Kentucky International Airport,” said Kemether, Vice Chair of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group. “This, coupled with the ‘Amazon Effect’ and expected creation of 15,000 new jobs in the submarket as a result of the new cargo hub development, should bode well for the new owner for years to come.”
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.
From Cushman & Wakefield
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