BIRMINGHAM, AL (Nov. 9, 2015) — Multi Housing Advisors (MHA)
has arranged, in separate transactions, the sales of four apartment communities
for a total of $26.9 million. Jimmy
Adams and Craig Hey of MHA’s
Birmingham office represented the sellers in the transactions.
“The buyers for these
assets are headquartered in New York, Florida, and Nashville, highlighting the
attention Montgomery is receiving from regional and national investors for its
stable economy and solid multifamily fundamentals,” Adams said.
 |
| Festival Apartments |
Details of the deals are
below:
· Nashville-based Legacy Partners
purchased Festival from a private seller for $11.4 million. The 184-unit
property was built in 1996 and is located in close proximity to Montgomery’s
best retail destinations.
· New York-based Trade Winds Real Estate,
LLC purchased The Meadows from Varden Capital Properties (VCP) for $8.7
million. The 194-unit property is located in the highly desirable East
Montgomery submarket.
· Florida-based Elevation Financial
Group, LLC purchased Cyprus Court and Olympia Heights from a private seller for
$6.8 million. The two properties, collectively 378 units, sit adjacent to one
another and are located in the South Montgomery submarket. There is a proven
renter pool for well-maintained Class C+ and B rental housing in the area.
For a complete copy of the company’s news release,
please contact:
Deborah Rogers
Multi Housing Advisors
404.645.7275
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