Cushman & Wakefield has arranged the $23.5 million sale of Spanish Fort Town Center in Mobile, Ala. The 216-unit apartment community was constructed in 2009 and is embedded within the Spanish Fort Town Center master-planned community. The property sold for $109,000 per apartment. Josh Jacobs, Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Spanish Fort Realty LLC, in the transaction. The buyer was LMS Real Estate.
“This was a relatively smooth transaction given the newer vintage of the asset. However, there was an in-place loan that had to be assumed. This made the process a bit more challenging and time-consuming as the new borrower had to be thoroughly vetted by the existing lender,” Jacobs told Multi-Housing News.
“The Cushman & Wakefield team, along with the buyer, worked hand-in-hand to accommodate the lender’s requests in a smooth and efficient way, which resulted in a seamless closing.”
Spanish Fort Town Center offers its residents upscale amenities and is steps from top-ranked shopping, dining and nightlife options.
“This transaction represents a strengthening trend within the multifamily investment space, the acquisition of Class A product with a low-cost, high-yield value-add component,” added Jacobs. “New owners are excited to capitalize on the community’s prime location and value-add upside within the fastest-growing county in Alabama.”
Earlier this month, the firm represented Federal Capital Partners in its $33 million purchase of The Trails of North Hills, a 279-unit apartment community in Raleigh, N.C.