By Jeffrey Steele
Multifamily Management Inc. has completed the sale of Tower on Ryan Park, a 147-unit, 11-story apartment community property in Mobile, Ala. MMI is a multi-purpose manager, investor, syndicator and operator of multifamily properties in Mobile.
Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller. Varden Capital Properties and Tellus Partners acquired the property.
Built in 1951, Tower on Ryan Park is located at 758 St. Michael St. in downtown Mobile. The mid-rise building also includes 6,000 square feet of retail space. The central location offers residents access to dining, lounges and other amenities.
The pet-friendly community features studio, one- and two-bedroom units. Amenities include two rooftop terraces with downtown views, grill station, 24-hour fitness center, movie theater, penthouse-level social area and kitchen, 24-hour courtesy officer, 24-hour laundry facility and full-gated parking. Short-term lease options are available.
“Mobile is following suit after other top Southeastern cites with the emergence of its downtown and historic districts,” Hey said in a prepared statement. “A wave of new restaurants, nightlife and capital are coming to the area, and the next owners want to capitalize on the demand influx through renovation of unit interiors and amenities.”
Through 268 deals involving more than 55,000 units, Cushman & Wakefield’s Southeast Multifamily Advisory Group closed $4.8 billion in sales volume in 2017, a 34.6 percent increase over the previous year’s totals. In another recent deal, the team arranged the sale of a 344-unit community in metro Atlanta.
Image courtesy of Cushman & Wakefield