Tuesday, November 10, 2015

MHA Brokers Sales of Four Multifamily Properties in Montgomery, AL for a Total of $26.9 Million


BIRMINGHAM, AL  (Nov. 9, 2015) — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of four apartment communities for a total of $26.9 million. Jimmy Adams and Craig Hey of MHA’s Birmingham office represented the sellers in the transactions.

“The buyers for these assets are headquartered in New York, Florida, and Nashville, highlighting the attention Montgomery is receiving from regional and national investors for its stable economy and solid multifamily fundamentals,” Adams said.

Festival Apartments
Details of the deals are below:

·        Nashville-based Legacy Partners purchased Festival from a private seller for $11.4 million. The 184-unit property was built in 1996 and is located in close proximity to Montgomery’s best retail destinations.

·        New York-based Trade Winds Real Estate, LLC purchased The Meadows from Varden Capital Properties (VCP) for $8.7 million. The 194-unit property is located in the highly desirable East Montgomery submarket.

·        Florida-based Elevation Financial Group, LLC purchased Cyprus Court and Olympia Heights from a private seller for $6.8 million. The two properties, collectively 378 units, sit adjacent to one another and are located in the South Montgomery submarket. There is a proven renter pool for well-maintained Class C+ and B rental housing in the area.

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

Deborah Rogers
Multi Housing Advisors

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