The MHA managing director, Jimmy Adams, who heads the Birmingham office represented the seller in its $6.5 million sale of the 130-unit Barrington Park and 142-unit Manchester Park to Bretwood LLC. These were both real estate owned properties which are typically owned by a lender after an unsuccessful foreclosure auction sale.
While marketing the midtown Mobile properties as a packaged deal, Multi Housing Advisors made sure to point out the the huge number of jobs that the Airbus $600 million final assembly line project is expected to create. Also, MHA noted the economic advantage of Mobile being the only seaport in Alabama.
According to the portfolio, the Port of Mobile has always been important for the city and the state. It is currently the 10th largest port in the United States.
Adams also represented the lender-owners of the Barret community of JW Adcock Properties based in Hattiesburg, Mississippi. The 152-unit in Tillman’s Corner was on the market for almost $2 million and was described as needing only minor improvements and stable management.
The transactions, according to Adams, show MHA’s ability to take a broad scale of multifamily units and find the right private capital buyers for them and also emphasize the improvement in the multifamily sector thanks to the large influx of private-capital investments. As the sector continues to improve, Adams believes he will see more of this kind of thing happening.
These listings have ranged from REO properties to Class-A assets.
More of MHA’s most recent Alabama closings included the sale of the 360-unit Springs at Madison to Somerset Partners for close to $35 million as well as the sale of the 276-unit Spring at Huntsville property to Panther Properties for over $25 million. In both transactions, MHA represented an affiliate of Continental Properties.
In all, Multi Housing Advisors has recorded more than $2 billion in sales transactions and have represented more than 64,000 units and more than 400 individual transactions.
For more information on WooEB Real Estate News visit wooeb.com/wooebrealestate
