2,013-Unit Portfolio Includes Five Properties
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
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Cushman & Wakefield
For Further Information Contact:
Savannah
Durban
Communications Specialist
+1 404 853 5371
savannah.durban@cushwake.com
or
Media
Contact:
Bailey Webb
Corporate Public Relations Director
+1
404 682 3381
bailey.webb@cushwake.com
Source: Cushman & Wakefield