Springs at Huntsville Apartments, Huntsville, AL
BIRMINGHAM, AL (May 3, 2013) — Multi Housing Advisors (MHA)
has just brokered the sales of five Alabama apartment communities totaling
1,060 units. The properties, which ranged from Class-A assets to
real-estate-owned communities, sold for a total of $68.15million.
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| Jimmy Adams |
The details of the
transactions are below:
• Jimmy Adams and George Bacon of MHA’s
Birmingham office represented an affiliate of Continental Properties in two
sales of Class-A apartment communities in northern Alabama. The affiliate sold
the 360-unit Springs at Madison to Somerset Partners for$34.9 million.
The buyer was not represented by a broker.
The affiliate also sold the 276-unit Springs at
Huntsville to Panther Properties, which was not represented by a broker,
for $25.5 million.
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| Springs at Madison Apartments Madison, AL |
• Adams represented a special servicer in its $1.25 million
sale of Barrett, a 152-unit community, to JW Adcock Properties. The
buyer was not represented by a broker.
• Adams represented another special servicer in its $6.5
million sale of the 130-unit Barrington Park and the 142-unit Manchester
Park to Bretwood, LLC. The buyer was not represented by a broker.
“These transactions demonstrate our proven ability to take a
wide range of multifamily listings – from REO properties to Class-A assets –
and find the right private-capital buyers for them,” said Adams, a managing
director of MHA who heads the firm’s Birmingham office.
“The sales also highlight the significant increases in
private-capital investments in the multifamily sector, and we foresee more of
them as the sector continues to perform so well.”
For a complete copy of the company’s news release, please
contact:
Stephen Ursery
The Wilbert Group
404-965-5026 (O)
404-405-2354 (C)
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