After nearly four years away, an apartment sales broker, who's been involved in $20 billion worth of transactions over two decades, is back at Cushman & Wakefield in Charlotte just as multifamily transaction activity in North Carolina's largest city appears poised for an uptick.
Cushman & Wakefield said Tuesday that Jordan McCarley rejoined the global real estate services firm as executive vice chair of its Carolinas Institutional Multifamily Advisory team and part of its larger Sunbelt Multifamily Advisory Group. In his new role, McCarley will lead the Carolina multifamily sales team with Blake Okland, Paul Marley and Alex McDermott, Cushman said.
McCarley, who joined Cushman & Wakefield from apartment developer Mission Properties and Arch Capital Investments, said he decided to return to the firm because of its analytical and collaborative approach and strong industry relationships that are important "in this complex capital markets environment."
“With the firm’s commitment to growing its multifamily advisory business in the Sunbelt and across its platform, it’s an extraordinary opportunity," McCarley said in a statement.
He returns to Cushman & Wakefield as the Charlotte market's "transaction activity is set to increase, despite short-term headwinds," according to a report from CoStar Market Analytics. Multifamily sales through July fell off as returning economic uncertainty slowed big-ticket deals.
"Though 25H1 sales volume was roughly half of 24H2 volume, the $821 million that traded hands in the first half of this year was essentially on par with the market’s first-half average from 2016 to 2019," CoStar said in the report. "As a record supply wave crests, pricing and cap rates stabilize, and the prospects for positive, if muted, rent growth re-emerging, urgency is increasing for fund managers to deploy after two timid years."
Region attracts apartment investment
"Because of the region’s strong job and economic growth, the Carolinas continue to be a top destination for multifamily development and investment,” said Chad Love, Cushman & Wakefield Carolinas managing principal, in a statement.
The addition of McCarley "will be instrumental in driving client engagement, business development and platform-wide collaboration and success,” as Cushman works to transform its multifamily capital markets platform, Okland said in a statement.
McCarley kicked off his commercial real estate career in 2005 at Multi Housing Advisors, an apartment brokerage founded by Josh Goldfarb and Marc Robinson. Cushman & Wakefield acquired MHA in 2016, and McCarley became part of the global firm as a result.
He left Cushman at the end of 2021 for Mission and Arch Capital, where he was a principal.
During his career, McCarley has worked on more than 700 disposition transactions valued at more than $20 billion, according to Cushman & Wakefield.
When he's not selling apartments, McCarley said he likes to spend time with his three sons and watch University of Georgia football. He is an alum of UGA's Terry College of Business.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is an investment sales team with 85 members that covers 14 states. Cushman said it ranks first in multifamily market share in the Sun Belt, based on sales volume and transactions reported to CoStar Group, publisher of CoStar News.