BIRMINGHAM, Ala.--(BUSINESS WIRE)--Cushman & Wakefield has arranged the $134.3 million sale of a five-property portfolio located in Mobile, Alabama. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the Massachusetts-based seller, Colony Hills Capital, in the transaction. Post Road Group and Spruce Capital Partners acquired the properties.
“This package, with over 2,000 total units, offered a rare opportunity to gain a major foothold in the Mobile market with in-place yield and significant economies of scale,” Adams said. “With three major portfolios sold in Mobile in the past year, we are seeing investors pursue the metro as a high-growth market with new eCommerce, retail, aerospace and port/ship-building jobs supporting Mobile and the Gulf Coast’s future.”
The properties include Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. With access along the Airport and Government Boulevard Corridors, the portfolio is well-located near retail and job drivers. Each of the assets, built between 1951 and 1982, have been excellently maintained, and 52% of the unit mix offers a townhome layout.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Colony Hills Capital
Colony Hills Capital is a privately held real estate investment firm based in MA, formed in 2008 and focused on the acquisition, ownership and management of value add multifamily apartment properties in select markets throughout the United States. The firm is committed to positively impact the people, businesses and communities in which they invest in, by adding value to properties, improving resident lifestyle, and providing economic value to the community. Since inception, Colony Hills Capital has structured and closed 26 multifamily properties, totaling over 8,300 apartments.
About Post Road
Post Road is a fully integrated owner and operator of income producing multifamily real estate located in the Northeast, Mid-Atlantic and Southeast regions of the United States. Post Road acquires well-located, primarily Class-B properties that offer attractive in-place cash flow and the ability to create value through a repositioning.
About Spruce Capital Partners
Spruce Capital Partners, founded in 2007 by Joshua Crane and Robert Schwartz, is a New York City based real estate owner, developer, and investor. The firm and its partners have both acquired and developed a portfolio of assets totaling in excess of $3 billion. Additionally, the partners of Spruce run S3 Capital, one of the most active bridge lenders in New York City. S3 has closed over 250 loans since 2014 totaling over $1 billion. The firm employs a team of experienced industry professionals in construction, finance, underwriting, acquisitions, origination and asset management.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Source: Cushman & Wakefield