Crossings At PinebrookMOBILE, ALA–Wilbraham, Mass.-based Colony Hills Capital has sold a 2000+ unit apartment portfolio for $134.3 million. The buyers of the five properties, which are all based in Mobile, are Post Road Group and Spruce Capital Partners.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented Colony Hills Capital in the transaction.
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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 near retail and job drivers. The assets were built between 1951 and 1982, and 52% of the unit mix offers a townhome layout.
“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 in a prepared statement.
“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,” he adds.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
