Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $21 million sale of Woodside, a 240-unit apartment community located in Mobile, Alabama. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, Equity Research Partners, in the transaction. Hamilton Point Investments acquired the property.
“This transaction shows continued faith in the Mobile economy and adds to the I-10 Corridor growth story as the Amazon/Walmart projects take shape,” Adams said. “The next investor will benefit from the attractive basis and substantial upside available, along with additional land for development.”
Built in 2012, Woodside boasts Class A features and amenities. The asset is at the forefront of key Mobile job drivers, such as The Mobile Aeroplex and upcoming Amazon/Walmart developments (more than 1,550 jobs combined). Amenities include a pool with sundeck, clubhouse, fitness studio, dog park, business center and laundry facility.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group has closed $3.4 billion in sales volume in 2017, totaling over 200 deals and more than 40,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.