Arch Cos., Drake Acquire Multifamily Portfolio in Tuscaloosa Totaling 649 Units

TUSCALOOSA, ALA. — A partnership between Arch Cos. and Drake Real Estate Partners has purchased a three-property multifamily portfolio in Tuscaloosa totaling 649 units. The communities in the sold portfolio include Broadmoor Gardens, Copper Greek and Woodlawn Manor. The seller(s) and sales price was not disclosed.

Arch will be implementing value-add capital improvements to the portfolio through its Arch Builders division and operate the communities in-house. Arch Cos. and Drake have purchased three garden-style portfolios in the past five months. The partners jointly own approximately 2,000 multifamily units.

The investment sales brokers for this transaction include Josh Jacobs of Marcus & Millichap and Brian Savage of Colliers International. Walker & Dunlop arranged acquisition financing.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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