Berkadia Arranges Sale of 332-Unit Alabama Community
- Sep 13, 2019
Berkadia has facilitated the sale of Verandas at Mitylene, a 332-unit property in Montgomery, Ala. Senior Managing Director David Oakley, Senior Director David Wilson, along with Associate Directors Caleb Frizzell and Abe Maddox, worked on behalf of the seller, an Inland Residential Properties Trust Inc. subsidiary. B & M Management Co. acquired the 2008-built asset.
Located at 8850 Crosswind Circle in East Montgomery, Verandas at Mitylene is along Interstate 85, directly across from the Eastchase mixed-use development. The garden-style asset features a mix of one- to three-bedroom units in three-story structures. All apartments are equipped with washers, dryers and granite countertops in the kitchens and bathrooms.
Developed by Flournoy Development, Verandas at Mitylene last changed hands in July 2017, when Berkadia assisted the developer in the deal. According to Wilson, no significant renovations had been made to the property during the past two years. This sale represented a 9.75 percent increase in price since the prior one.
Earlier this year, another community near the 1.4 million-square-foot Eastchase development changed hands. Core Pacific Advisors purchased the 376-unit Barrington Place at Somerset from an Alabama-based developer.
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