Tuesday, January 14, 2014

Multi Housing Advisors Brokers Sales of 316 Apartment Units in Jackson, MS

Audubon Grove Apartments, Jackson, MS

Jimmy Adams
BIRMINGHAM, AL — Multi Housing Advisors (MHA) has brokered the sales of two Jackson, Miss., apartment communities totaling 316 units. The properties include the 296-unit Audubon Grove and the 20-unit River Bluff. The new owners of both communities plan extensive rehabilitations of the assets.

Brian Savage, a director in MHA’s Birmingham office, and Jimmy Adams, managing director of the Birmingham office, represented the seller in both transactions.

 • Professional Equity Management purchased Audubon Grove. The sales price of the Class C community, which was built in 1974, was not disclosed.

• Belhaven Residential bought River Bluff for an undisclosed price. The Class B community is in the Belhaven Historic District and is near Belhaven University, Millsaps College, the Mississippi State Capitol and the University of Mississippi Medical Center.

Brian Savage
The transactions capped a busy 2013 for Atlanta-based MHA. The Birmingham office brokered more than 25 transactions last year, and overall the firm, which also has an office in Charlotte, N.C., brokered more than 100 apartment sales across the Southeast in 2013.

“With continued improvement in economic conditions, an already robust apartment market should see high transactional volume in 2014.

“Value-add properties have historically been a way for investors to realize above-market returns, and we expect activity for these assets to remain strong in particular,” Savage said. 

“We see plentiful investor interest in all multifamily market segments in the coming year, and MHA is positioned to help our clients in the acquisition and disposition of a full range of property types, from value-add deals to Class-A properties, across the Southeast.”

For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

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