AL Apartments Command $21M
- Nov 21, 2017
Hamilton Point Investments has acquired Woodside, a 240-unit apartment community in Mobile, Ala., from Equity Research Partners for $21 million.
Cushman & Wakefield’s Southeast multifamily advisory group represented the seller in the transaction.
Originally constructed in 2012, the property is at the forefront of key Mobile job drivers, such as The Mobile Aeroplex and the soon-to-be-opening Amazon/Walmart developments, which will bring in more than 1,550 jobs combined.
“Woodside offered a newer-construction luxury asset priced below replacement cost in today’s market,” Jimmy Adams, Cushman & Wakefield’s executive managing director, told MHN. “The development of the Walmart Distribution Center plus Amazon sorting center around the corner will impact both the submarket and the region.”
The three-story property features spacious one-, two- and three-bedroom floor plans with nine-foot ceilings, fully equipped kitchens with modern appliances, plus spacious living areas that open onto a large private balcony.
Community amenities include a clubhouse with business center, fitness studio, pet park, pool with sundeck and wooded views.
“This was the owner’s last deal in the Southeast, as they are moving all their holdings to the West Coast,” Adams said. “Another broker had expired the listing and we put in a great buyer to close the deal.”
Woodside is situated in the rising I-10 Corridor, which is a major hub for Mobile. According to Adams, the next investor will benefit from the attractive basis and substantial upside available in the property, along with additional land for development
“The property offers affordable housing for newer product, and we sold adjacent zoned land for a potential Phase II as new job centers come to the immediate area,” Adams said. “There was very strong interest in the property, as Mobile and other Southeast port cities are attracting national attention.”
Josh Jacobs joined Adams on the Cushman & Wakefield team in the deal. Cushman & Wakefield’s Southeast multifamily advisory group has now closed $3.4 billion in sales volume in 2017, comprised of more than 200 deals and 40,000 units.