Cushman & Wakefield has arranged the $25.75 million sale of Water’s Edge, a 184-unit apartment community located in Pensacola, Florida. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, The Hallmark Companies, Inc., in the transaction. Strategic Holdings acquired the property.

“Despite various challenges with the current economic climate, we were excited to complete this transaction with a buyer and seller who were willing to work together throughout the process to ensure a smooth and seamless closing,” Jacobs said. “This transaction represented continued demand for quality assets in expanding markets. Water’s Edge is well-positioned to capitalize on Pensacola’s strong multifamily fundamentals, and new ownership is excited at the upside potential.”

Built in 2004, Water’s Edge experienced 6% rent growth in 2019. The property offers residents easy access to world-class beaches and entertainment options.

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.comor follow @CushWake on Twitter.