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. (Photo provided)
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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