ATLANTA, June 6, 2016 /PRNewswire/ -- Cushman & Wakefield announced today that the firm has acquired Atlanta-based Multi Housing Advisors (MHA) in a transaction that creates the leading multifamily brokerage platform in the Southeast U.S.
With the addition of MHA, Cushman & Wakefield now commands 23.8 percent of multifamily investment sales in the Southeast, year-to-date. The combined firms, with nearly $3 billion in transactions, captured 20 percent of 2015 Southeast multifamily sales, compared with CBRE's 15.7 percent market share.
MHA cofounders Josh Goldfarb and Marc Robinson will serve as Cushman & Wakefield's U.S. multifamily leaders and will be based in Atlanta and Charlotte. The MHA leadership team also includes Jimmy Adams in Birmingham, Jordan McCarley in Charlotte and Tyler Averitt and Robert Stickel in Atlanta. They join Cushman & Wakefield's existing Southeast multifamily group led by Chris Spain, Michael Kemether and Brandon Whitesell.
"Adding MHA exemplifies Cushman & Wakefield's commitment to growing our capital markets platform, especially in the multifamily sector," said Noble Carpenter, Cushman & Wakefield President, Capital Markets, Americas. "Strategically, we are deeper and positioned to serve clients across the spectrum of multifamily properties – from institutional to professional equity to private capital investors – while achieving broader geographic coverage and scale. What's more, MHA is a seamless fit culturally, which is a crucial element as we combine operations and continue to build momentum.
"Short term, there are immediate benefits given multifamily's current strength, and the long-term benefits MHA brings to the table are equally, if not more, compelling," Carpenter concluded.
Founded by Goldfarb and Robinson in 2002, MHA has produced average sales growth of 55 percent and transaction volume totaling more than $5.9 billion in the past five years, with 70 percent of its business from recurring clients. Since its founding, MHA has sold more than 140,000 multifamily units through more than 850 individual transactions. The firm brings 13 brokerage professionals and a staff of 35 to Cushman & Wakefield, and adds on-the-ground multifamily capabilities with offices in Birmingham and Charlotte.
"Cushman & Wakefield is one of the iconic firms in commercial real estate services, as well as one of the fastest growing," Goldfarb said. "Its super-regional model, overlaid with our eight-state multi-office platform and realized upward trajectory, create a multi-family powerhouse in the Southeast, giving clients broader buyer exposure. Those factors and the firm's leading capital markets platform make this combination an ideal fit."
Added Robinson, "Joining Cushman & Wakefield creates unlimited opportunities to serve clients across the Southeast and, collectively, to grow our geographic coverage and multifamily platform across the U.S. The breadth and depth of our new team is truly remarkable and will be an enormous benefit to each segment of multifamily investors, offering them access to a wider scope of investment options."
Combining the two firms' collaborative cultures ensures that clients receive industry-leading service and counsel from a team that is solely focused on clients' success, while the additional scale bolsters Cushman & Wakefield's talent base, Spain said.
"During my 35-year career, multifamily housing has emerged as a leading product for the real estate investment community," said Spain. "The 'eat-what-you-kill' brokerage model is antiquated and does not provide clients with comprehensive market information or sophisticated cooperative sales implementation. Our regional model and team compensation structure assure our clients of greater market intelligence and wider market exposure when selling their assets. This is the future for our business.
"Additionally, I am excited about the energy of our team," Spain continued. "The enthusiasm and longevity of this new team will assure Cushman & Wakefield of strong results for many years to come."
Added John O'Neill, Cushman & Wakefield Atlanta Managing Principal, "Cushman & Wakefield has been a leader in Atlanta multifamily investment sales for more than a decade, and adding MHA to our team is a catalyst for dominance. A we've worked through this acquisition, I've really gotten to know Marc and Josh and seen what they will bring to our firm, not just from a business perspective but from a cultural perspective. MHA is an outstanding complement to our firm."
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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SOURCE Cushman & Wakefield