PENSACOLA, FL—Two Pensacola multifamily properties have traded hands. Ashley Club Apartments and Arbor Club Apartments have sold for $19.6 million.
The multifamily communities offer a combined 392 units. Kislak president Robert Holland, senior vice president Matt Weilheimer and sales associate Joseph Keenan handled the sale exclusively on behalf of the seller. A partnership that owned the multifamily properties for more than 20 years sold the asset to a large national multifamily asset owner and operator.
“Pensacola, with its growing population, expanding regional airport, strong local economy and pristine beaches, garnered the attention of regional, national and Canadian investors,” Keenan tells GlobeSt.com. The transaction was all an cash deal.
Ashley Club Apartments is a 224-unit property located at 2101 Scenic Highway and Arbor Club Apartments is a 168-unit property located at 700 East College Boulevard. The properties were constructed in 1985 and offer a combination of one- and two-bedroom well-maintained units with individual entrances. Both properties have seen recent renovations.
“The purchaser was looking to expand into the Pensacola market and these properties were a perfect fit,” Weilheimer tells GlobeSt.com. The multifamily properties are located approximately five miles apart in suburban Pensacola near the city’s downtown and beaches.
Pensacola is the westernmost city in the Florida Panhandle and the county seat of Escambia County. Kislak reports that Pensacola has strong rental market and Ashley Club Apartments and Arbor Club Apartments have a long history of high occupancies with very few vacancies.
Ashley Club Apartments was approximately 96% occupied and Arbor Club Apartments was approximately 95% occupied. John Kuhn, Esq., of Bilzin Sumberg represented the seller. In-house counsel represented the buyer.