Westshore Landing Apartment Community Sells for $10.7 million
AUBURN – December 2018 – GC Westshore, an affiliate of Atlanta-based private real estate investment and development firm Crossgate Partners, announces the sale of 112-unit apartment community Westshore Landing in Auburn, AL.
Purchased in 2014, CG Westshore completed a comprehensive renovation at the property shortly after closing. Throughout their entire ownership, Westshore Landing maintained a high occupancy, resulting in significant annual cash flow from operation of more than 11% per year. This successful investment produced return on capital well above Crossgate Partner’s original expectations.
The $10.7 million sale of Westshore Landing to Birmingham-based LIV Apartment Partners was facilitated by Newmark Knight Frank, who represented both the buyer and seller in this transaction.
Built in 1987, Westshore Landing features a variety of spacious floor plans as well as top tier amenities including a 24-hour fitness center, clubhouse, tennis court, and pool. The community is located approximately three miles from Auburn University which has a total enrollment of more than 29,000 undergraduate and graduate students, 1,260 faculty members, and 5,500 total employees. It is the second largest university in Alabama.
About Crossgate Partners
Founded in the early 2000s, Crossgate Partners, LLC is a private real estate investment and development firm that finances a wide spectrum of real estate assets, primarily in the Southeast United States. Crossgate Partners invests, manages, and develops a diverse group of real estate assets, including office, retail, multifamily, healthcare, and mixed-use properties.
About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.