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BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has brokered the sale of five apartment communities, which total 1,060 units throughout Alabama, for an aggregate purchase price of approximately $68.2 million.
Jimmy Adams and George Bacon of MHA’s Birmingham office represented an affiliate of Continental Properties in the sale of two Class A multifamily properties in northern Alabama. The complexes include the 360-unit Springs at Madison, which Somerset Partners acquired for $34.9 million, and the 276-unit Springs at Huntsville, which was acquired by Panther Properties for $25.5 million.
Adams also represented a special servicer in the $1.25 million sale of the 152-unit Barrett in Mobile to JW Adcock Properties.
Additionally, Bretwood LLC acquired the 130-unit Barrington Park and the 142-unit Manchester Park, both of which are located in Mobile, for a total of $6.5 million. Adams represented the seller, another special servicer, in the transactions.
“These transactions demonstrate our proven ability to take a wide range of multifamily listings — from REO properties to Class A assets — and find the right private-capital buyers for them,” says Adams, a managing director of MHA who heads the firm’s Birmingham office. “The sales also highlight the significant increases in private-capital investments in the multifamily sector, and we foresee more of them as the sector continues to perform so well.”
Atlanta-based MHA was founded in 2002 as Southeast Apartment Partners to bring a brokerage platform to growing markets throughout the Southeast. The firm, which recently changed its name to reflect its growth, focuses on every aspect of the multifamily market.
— Brittany Biddy