MOBILE, AL-B&M Management Co. has acquired a two-asset, 396-unit portfolio for $33.1 million from their 15-year owners. The investment group has claimed the 212-unit Regency Gates Apartments in Mobile and the 184-unit Arbor Gates Apartments in nearby Fairhope.

Benson O’Connor, with White-Spunner & Associates Inc. in Mobile, says the sellers–Regency Gates LLC and Arbor Gates LLC–had some of the same members in the single-asset partnerships. “The partners had held these properties since they were developed, about 15 years,” O’Connor tells GlobeSt.com. “It appeared to be a good time for them to sell.”

Situated at 5700 Grelot Rd., Regency Gates has one-, two- and three-bedroom units from 820 sf to 1,390 sf. Monthly rents are $65 to $940.

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