The Birmingham, Ala., office of Cushman & Wakefield has arranged a $134.3 million sale of a five-property portfolio in Mobile, Ala. The properties are Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. These apartment communities are well situated near retail and job drivers along the Airport and Government Blvd. corridors and were built between 1951 and 1982 and have been very well maintained.
“The biggest challenge was meeting the seller’s deadline, and they had a loan maturity,” the company’s executive managing partner Jimmy Adams told MHN. “We had a buyer in a 1031-exchange who had a good debt relationship and was able to close in a timely fashion.”
Pursuing the metro
“With three major portfolios sold in Mobile in the past year, we are seeing investors pursue the metro as a high-growth market, with new Amazon, Walmart, aerospace and port and ship-building jobs supporting Mobile and the Gulf Coast’s future,” Adams added.
Adams, along with Craig Hey, represented privately held real estate investment firm Colony Hills Capital, the Wilbraham, Mass.-based seller, in the transaction.
Post Road Group and Spruce Capital Partners acquired the properties. In 2017, the Cushman & Wakefield Southeast Multifamily Advisory Group closed $4.8 billion in sales volume in the process of transacting 268 deals representing more than 55,000 units.
“This package, with more than 2,000 total units, offered a rare opportunity to gain a major foothold in the Mobile market with in-place yield and massive economies of scale,” Adams said.