Birmingham-based Oakley Group Acquires Multifamily Real Estate Community in Mobile, AL

David Oakley

  Mobile, AL – Birmingham-based Oakley Group, an experienced multifamily real estate investment firm, has acquired Summit at Hillcrest, a 104-unit apartment community - totaling 114,400 net rentable square feet - situated on approximately 7.23 acres at 1601 Hillcrest Rd., Mobile.

 CEO David Oakley said the property was purchased from the Pacific Hillcrest LLC, a Delaware limited liability company and listed by Marcus & Millichap, with brokers Josh Jacobs and Royce Emerson representing both sides. 

 

Josh Jacobs 

Oakley acquired Summit at Hillcrest with a Fannie Mae loan assumption with a 4.36 percent fixed rate, five years remaining on term, and loan balance of $7.95 million.

 Oakley says, “I had the unique pleasure of selling Summit at Hillcrest twice over the past 15 years during my broker days at Berkadia.

"It's thrilling to now have the opportunity to buy this well-cared-for community from friends in the industry, bringing a full-circle moment to my journey as a broker.”

 

The property consists of 14 two-story brick buildings with hardboard siding and 30-year architectural shingle roofing on a low-density site with ample green space, a clubhouse, pool house and fitness center, all built in 1982.

Royce Emerson

Located just four miles from I-65 and excellent proximity to the Port of Mobile and Mobile Central Business District, the area boasts easy access to major area employers, healthcare, and higher education.

 Oakley said plans for the property include light enhancements such as new asphalt to common drives, exterior painting, landscaping, clubhouse upgrades, new firepit and grilling station, and modern upgrades to interiors.

 

The one and two-bedroom units are large, with square footage ranging from 950 to 1,250 per unit and have excellent floor plans that provide condo-style living. Upon purchase, the property was 94 percent leased.

 

Mark Hinson

Oakley’s Vice President of Asset Management,
Mark Hinson, expressed his enthusiasm for the property’s potential: "We are thrilled to announce our recent purchase in Mobile.

"The area is experiencing a resurgence, driven by a growing economy, a booming port, and significant investments in infrastructure and technology.

 

"At Oakley Group, we invest with a purpose, and our value-add plan for this property is designed to enhance its appeal while capitalizing on this vibrant environment.

 

"By upgrading amenities and fostering community engagement we aim to create a space that not only meets the needs of residents but also contributes to the overall revitalization of the region. This is an incredible opportunity to be part of Mobile's growth story."

 

Arlington Properties, which has a long-standing relationship with Oakley Group, has been retained as the management firm, according to Oakley.

Summit at Hillcrest, a 104-unit apartment community - totaling 114,400 net rentable square feet - situated on approximately 7.23 acres
at 1601 Hillcrest Rd., Mobile, AL

 

Contacts: 

 

David R. Oakley, Oakley Group,

205-913-4632 or 

 do@oakleygroup.com  

 

Jorja White, Oakley Group

 205-329-1707

or jw@oakleygroup.com

 

Beth Payan, Larry Vershel Communications Inc.

407-461-3781 or 

Beth@LarryVershel.com

 

 

 

 

 

Manufacturer acquires industrial building in Carlsbad, CA for $6 million

  

 Chris Baumgart 

 SAN DIEGO, CA – Confirming demand from owner-users, JLL has handled the sale of a 21,481-square-foot multi-tenant industrial building located at 5924 Balfour Court in Carlsbad, California to Yunqun LLC for $6,259,682.  

Yunqun LLC will occupy the vacant 12,105 square feet in the building for its manufacturing business with move-in expected in 2025.

 

JLL’s Chris Baumgart and Steven Field represented the seller, The Gildred Companies, in the transaction.  Hank Jenkins, Mike Erwin and Tucker Hohenstein of Colliers represented the buyer in the transaction.

Steven Field 

“This was an opportunity for the buyer to acquire and occupy a portion of the building while having in-place income from multiple tenants,” said Chris Baumgart, JLL Managing Director.  “We continue to see owner-user demand for small bay industrial/flex properties in the Carlsbad/North County area of San Diego County.”

 

According to JLL’s Q4 San Diego Industrial Insights Report, North County San Diego industrial fundamentals remain fairly stable with 6 percent vacancy and 56,199 square feet of quarterly net absorption.

 

Hank Jenkins

About JLL

 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.

A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. 

Mike Erwin

Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM.

 

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

 

 

Contact: 

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

jll.com