Cushman & Wakefield has arranged the sale of Legacy at the Lake, a 200-unit property in Montgomery, Ala. The Legacy Cos. sold the asset for $9.3 million to Bullseye Investments.
Managing Director Craig Hey and Director Andrew Brown worked on behalf of the seller. Located at 1421 Stonehenge Road in eastern Montgomery, Legacy at the Lake sits at the junction of Interstate 95 and U.S. Route 231, just off the Eastern Boulevard retail corridor.
Dating back to 1977, the property offers one-, two- and three-bedroom units, some recently renovated. Community amenities include a pool, laundry facility, fitness center, jogging trail, as well as a clubhouse with fireplace and grilling area.
The city’s solid manufacturing sector has attracted new capital, including last years’ announcement of Hyundai’s $410 million expansion in its Montgomery premises. The addition of a new vehicle to the Alabama production line will bring 200 jobs at the factory along with some 1,000 supplier jobs in the area.
Earlier in March, the same Cushman & Wakefield team closed the sale of another community in Alabama. Saxony Capital acquired the 252-unit property in Mobile, Ala., for $28 million.