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| Chapel Lakes community, Wetumpka, AL |
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| David Etchison |
BIRMINGHAM, AL--- Hendricks-Berkadia, one of the nation’s
largest and most active multifamily investment banking and research companies,
recently negotiated the sale of Chapel Lakes, a 152-unit apartment
community located just north of Montgomery in Wetumpka, for full list price of
$14.4 million or $94,736 per unit.
The property sold at a 6.5 percent cap rate, which sets a
new record high for price per unit sales in the greater Montgomery apartment
market said Senior Vice President David Etchison of Hendricks-Berkadia’s
Alabama office.
Two adjacent multifamily land sites were sold in a separate,
but related transaction for an additional $600,000. The contiguous land totaled 30 acres and was zoned for an
additional 152 multifamily units, which the purchaser plans to develop soon.
Etchison along with Hendricks-Berkadia’s Alabama Partner David
Oakley, negotiated the sales representing the seller, EBSCO Chapel Lakes,
LLC, based in Birmingham.
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| David Oakley |
“After receiving over a dozen offers from national, regional
and local investors, the marketing campaign concluded as a win-win for both the
buyer and seller,” said Etchison. “The
local job growth spurred by the new $246 million Wind Creek Casino, coupled
with Hyundai’s continued success, will bode well for the new owner.”
Chapel Lakes was built in 2005 and has a total of 189,280
square feet of rentable living space with one-, two-, and three-bedroom
apartments. Average rents were $0.67
per square foot at the time of sale.
The buyer was Chapel Lakes LLC, based in Pennsylvania. Chapel Lakes has an existing Fannie Mae loan
that was assumed at closing by the Buyer.
Based on the purchase price at closing, the Loan-to-Value ratio was 56
percent and the assumable existing debt had an interest rate of 5.26 percent.
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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