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| Jimmy Adams |
BIRMINGHAM, AL — Multi Housing Advisors (MHA) has arranged
the $3.5 million sale of Orleans Place I & II, located in Mobile, Alabama.
Jimmy Adams
of MHA’s Birmingham office represented the seller, Orleans Place Apartments, in
the transaction. Varden Capital Properties (VCP) purchased the property.
“VCP plans to invest a
significant amount of capital into the property’s interiors and exteriors,”
Adams said. “There is pent-up demand for higher quality housing in the area and
we anticipate the rehabilitated units being absorbed without issue.”
Orleans Place I & II
are located three blocks south of Mobile’s new Whole Foods development. The
submarket has demonstrated strong rent and occupancy trends over the past five
years.
For a complete copy of the company’s news release,
please contact:
Deborah Rogers
Multi Housing Advisors
404.645.7275
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