Franklin Street Arranges $18.5M Sale of Multifamily Portfolio in Montgomery
MONTGOMERY, ALA. — Franklin Street has arranged the $18.5 million sale of a two-property multifamily portfolio in southeast Montgomery. The portfolio comprises the 240-unit Fields One Center and the 242-unit Fields Carriage Hills. Fields One Center is located at 4220 Strathmore Drive, which is situated two miles from Fields at Carriage Hills at 3364 Fountain Lane. The properties each offer one-, two- and three-bedroom floor pans averaging 970 square feet. The properties were 72 percent occupied at the time of sale. Communal amenities at the assets include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities. Dan Phelan, Jake Reid, Chad Defoor and Alex Croy of Franklin Street represented the seller, Houston-based Elite Street Capital, in the transaction. Atlanta-based Two Waters Capital Management acquired the portfolio.