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| Cabana Apartments, Michael Boulevard, Mobile, AL |
BIRMINGHAM,
AL --- Hendricks-Berkadia Apartment Real Estate Advisors, one of the nation’s
largest and most active multifamily investment banking and research companies,
recently participated in negotiating of the sale of five apartment communities
in Mobile, Ala. for $98 million.
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| David Oakley |
David Oakley, senior vice president of
Hendricks-Berkadia in Birmingham, said the buyer, Colony Hills Capital, an investment
group based in Wilbraham, Mass. paid $98 million to acquire the portfolio of
properties that includes 2,000 rental apartment units.
The rental apartment properties sold include Cabana
Apartments, located on Michael Blvd., Pathways Place on Pathway
Place, Sandpiper on Government Blvd., Windsor Place on Airport
Blvd. and Yester Oaks Townhouse Apartments on Yester Oaks Drive.
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| Richard Weavil |
Oakley negotiated the transaction along with Tom
Hinton of Hinton Properties and Richard Weavil of The Weavil
Company.
“In recent months,
several large corporations including France’s Airbus and Austal USA have
announced plans for the investment of over $600 million into manufacturing
facilities in Mobile,” Oakley said.
“These announcements in connection with the
already burgeoning Mobile economy point to strong demand fundamentals related
to the multi-family sector,” he said.
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| Pathways Place apartments, Mobile, AL |
According to Hendricks-Berkadia research,
positive apartment absorption trends continue in the Mobile Bay area. In 2012,
the average vacancy rate for the metro area was 6.2 percent, compared to 8.6
percent a year prior.
Vacancy rates are expected to hold steady
well into 2013, with a 6.1 percent average for the metro area. Occupancy rates
have increased 2.5 percent over the past 12 months, which should lead to
significant rent growth going forward.
For a complete copy of the
company’s news release, please contact:
Larry
Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com
.
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