X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Arbor Gates, located at 901 Gayfer Ave. in Fairhope, also has one-, two- and three-bedroom units. Units range from 850 sf to 1,300 sf, with rents going from $655 to $925 per month.

According to O’Connor, Blacksher White-Spunner, the brokerage house’s president, marketed both complexes to a few select buyers rather than listing them. O’Connor says Montgomery-based B&M Management offered a competitive price. Also, the buyer and sellers had closed two previous sales–the 254-unit Ashley Gates Apartments at 912 Van Ave. in Daphne and 228-unit Lennox Gates at 1500 Hillcrest Rd. in Mobile. Charles Christmas of Christmas Properties in Montgomery represented the buy side.

O’Connor points out that all four class B complexes are in the same MSA and all are in very good shape. “If B&M makes upgrades, it won’t be a whole lot more than general upgrades,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.