PEM Real Estate Sells Alabama Community for $28M
- Mar 19, 2020
PEM Real Estate Group has sold Arlington Park, a 252-unit community in Mobile, Ala. Saxony Capital purchased the property for $28 million. The Bancorp Bank provided $24 million in acquisition financing, according to Yardi Matrix.
Cushman & Wakefield assisted PEM Real Estate Group, which acquired the asset in 2015 for $19.5 million from Eagle Realty Group. As of January, the property had an occupancy rate of 96.8 percent, Yardi Matrix shows.
Located on 20 acres at 7070 Grelot Road, Arlington Park opened in 2001 and features 11 buildings, with a unit mix consisting of one- to three-bedrooms. The community provides amenities such as a salt-water pool, gym, game room and dog park. Situated close to several dining, shopping and entertainment options, the property is 3 miles from The University of South Alabama, while downtown Mobile is 15 miles away.
The buyer plans to carry out a value-add program, according to Cushman & Wakefield Senior Director Craig Hey. The brokerage team also included Senior Associate Andrew Brown. Last year, Hey was part of a team that facilitated the $23.5 million sale of Spanish Fort Town Center, a 216-unit community also in Mobile.