Mulberry JV Pays $37M for Alabama Community
The previous owner purchased the property in 2019.
BRT Apartments Corp. has formed a joint venture to acquire 1322 North, a 214-unit community in Auburn, Ala., for $36.5 million. The deal was made in partnership with Mulberry Properties, with LIV Development previously owning the asset, according to Yardi Matrix information.
The property previously traded in April 2019, when LIV purchased the community from Mesa Capital Partners, the same data provider shows.
The new ownership took out a $24.4 million mortgage loan that matures in 2032 and is interest-only. The joint venture provided $13.4 million in equity for the transaction, out of which BRT contributed $10.7 million.
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The Columbus, Ga., metro saw six communities totaling 862 units trading in the first six months of this year, according to Yardi Matrix information. The market’s multifamily transactions activity during the same time frame in 2024 comprised only three assets consisting of 704 apartments.
A garden-style community
Located at 1322 N. Dean Road, the community is close to Highway 15 and the Auburn Mall shopping center. Auburn University Regional Airport is 4 miles away and the city center is within 3 miles, while the Auburn University campus is 5 miles southwest. Columbus, Ga., is some 35 miles southeast of the property.
The community came online in 2002 and encompasses 14 two- and three-story buildings across almost 16 acres. The unit mix consists of one-, two- and three-bedroom floorplans ranging between 756 and 1,230 square feet. Apartments also have private balconies or patios.
Common-area amenities include a swimming pool with deck and gazebo, a fitness center, a volleyball court and a playground, as well as laundry facilities. Additionally, the property has a clubhouse with a meeting room and almost 480 parking spaces.
