Birmingham-based Oakley Group Acquires Multifamily Real Estate Community in Mobile, AL

David Oakley

  Mobile, AL – Birmingham-based Oakley Group, an experienced multifamily real estate investment firm, has acquired Summit at Hillcrest, a 104-unit apartment community - totaling 114,400 net rentable square feet - situated on approximately 7.23 acres at 1601 Hillcrest Rd., Mobile.

 CEO David Oakley said the property was purchased from the Pacific Hillcrest LLC, a Delaware limited liability company and listed by Marcus & Millichap, with brokers Josh Jacobs and Royce Emerson representing both sides. 

 

Josh Jacobs 

Oakley acquired Summit at Hillcrest with a Fannie Mae loan assumption with a 4.36 percent fixed rate, five years remaining on term, and loan balance of $7.95 million.

 Oakley says, “I had the unique pleasure of selling Summit at Hillcrest twice over the past 15 years during my broker days at Berkadia.

"It's thrilling to now have the opportunity to buy this well-cared-for community from friends in the industry, bringing a full-circle moment to my journey as a broker.”

 

The property consists of 14 two-story brick buildings with hardboard siding and 30-year architectural shingle roofing on a low-density site with ample green space, a clubhouse, pool house and fitness center, all built in 1982.

Royce Emerson

Located just four miles from I-65 and excellent proximity to the Port of Mobile and Mobile Central Business District, the area boasts easy access to major area employers, healthcare, and higher education.

 Oakley said plans for the property include light enhancements such as new asphalt to common drives, exterior painting, landscaping, clubhouse upgrades, new firepit and grilling station, and modern upgrades to interiors.

 

The one and two-bedroom units are large, with square footage ranging from 950 to 1,250 per unit and have excellent floor plans that provide condo-style living. Upon purchase, the property was 94 percent leased.

 

Mark Hinson

Oakley’s Vice President of Asset Management,
Mark Hinson, expressed his enthusiasm for the property’s potential: "We are thrilled to announce our recent purchase in Mobile.

"The area is experiencing a resurgence, driven by a growing economy, a booming port, and significant investments in infrastructure and technology.

 

"At Oakley Group, we invest with a purpose, and our value-add plan for this property is designed to enhance its appeal while capitalizing on this vibrant environment.

 

"By upgrading amenities and fostering community engagement we aim to create a space that not only meets the needs of residents but also contributes to the overall revitalization of the region. This is an incredible opportunity to be part of Mobile's growth story."

 

Arlington Properties, which has a long-standing relationship with Oakley Group, has been retained as the management firm, according to Oakley.

Summit at Hillcrest, a 104-unit apartment community - totaling 114,400 net rentable square feet - situated on approximately 7.23 acres
at 1601 Hillcrest Rd., Mobile, AL

 

Contacts: 

 

David R. Oakley, Oakley Group,

205-913-4632 or 

 do@oakleygroup.com  

 

Jorja White, Oakley Group

 205-329-1707

or jw@oakleygroup.com

 

Beth Payan, Larry Vershel Communications Inc.

407-461-3781 or 

Beth@LarryVershel.com