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| Audubon Grove Apartments, Jackson, MS |
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| 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.
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| 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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