Hayden Properties Picks Up Alabama Luxury Community
The company paid more than $42 million for the 267-unit asset located in the Huntsville metro area.
Waypoint Residential has sold Arch Street, a 267-unit luxury community in Madison, Ala., to Hayden Properties. Yardi Matrix data shows the property traded for $42.3 million and the buyer used a $26 million loan held by Global Atlantic Financial Group to finance the acquisition. Cushman & Wakefield’s Craig Hey and Jimmy Adams assisted the seller in the deal.
Completed in 2009, Arch Street offers one- to three-bedroom floorplans averaging 962 square feet across 12 three-story buildings. Community amenities include a fitness center, saltwater swimming pool, children’s playroom and sand volleyball court. The property was 96.3 percent occupied as of October, per Yardi Matrix.
The community spans across 17 acres at 100 Arch Street Place in the Huntsville metro area, the country’s second best-performing multifamily market in terms of occupancy growth as of July. The property is near Interstate 565 and approximately 2 miles southwest of Cummings Research Park, the second largest research park in the U.S. Bridge Street Town Centre and Madison Square Mall are also nearby. Huntsville International Airport is 6.4 miles southwest of the community.