Alabama

MUSCLE SHOALS AND TUSCUMBIA, ALA. — Matthews Real Estate Investment Services has facilitated the sale of two multifamily complexes located in Tuscumbia and Muscle Shoals, approximately just one mile apart. Breckenridge Apartments in Tuscumbia features 120 units with one-, two- and three-bedroom options ranging from 890 square feet to 1,200 square feet. Harvest Hills in Muscle Shoals totals 42 units with one- and two-bedrooms up to 1,280 square feet. Richard Lindsey of Matthews Real Estate represented the seller in the disposition of the properties to two separate buyers. The purchase price, seller and buyers were not disclosed. This transaction marks the largest multifamily sale in the metro Florence, Ala., area in recent years.

MONTGOMERY, ALA. — A partnership between DWG Capital Partners and Dorado Holdings has purchased Cloverdale Estates, a 106-unit multifamily community located at 3453 Audubon Road in Montgomery. This marks the joint venture’s second acquisition in Montgomery, following the purchase of the 96-unit Greenbriar Apartments in July. Josh Jacobs of Marcus & Millichap’s Birmingham office represented the seller, an entity doing business as RK Cloverdale LLC, in the transaction. The sales price was not disclosed. Cloverdale Estates offers one-, two- and three-bedroom residences ranging in size from 725 to 1,350 square feet. Each apartment features spacious layouts, patios/balconies and select in-unit washer and dryer connections. Approximately 70 percent of the units have been upgraded with high-end finishes, updated mechanical systems and exterior improvements. The new ownership plans to renovate the remaining apartments over the next 24 months.