NKF Arranges Sales of Suburban Multifamily Assets Across Alabama Totaling $23.5M

Liberty Square in Montgomery, Ala., was built in 2003 and was 90 percent occupied at the time of sale.

BIRMINGHAM, ALA. — Newmark Knight Frank (NKF) Multifamily Capital Markets has arranged the sales of three Alabama multifamily communities totaling $23.5 million. Bo Flurry and Justin Uffinger in NKF’s Birmingham office, along with the firm’s National Affordable Housing group, represented the sellers in all three transactions. The deals include Birmingham-based The Gateway Cos. selling Liberty Square, a 168-unit apartment community in Montgomery, to Missouri-based Zimmerman Properties for $9.3 million. Built in 2003, the property was 90 percent occupied at the time of sale. The other deals include Birmingham-based Durham & Associates selling the Carondolet apartment complex in Mobile to an entity managed by Birmingham-based Dobbins Group for $11.6 million. Built in the mid-1970s, Carondolet was 92 percent occupied at the time of sale. Lastly, Birmingham-based Oak Manor Partners sold the Williamsburg Townhomes apartment complex in Gadsden to an undisclosed investor based in California. Constructed in 1973, the community was 95 percent occupied when it sold for $2.6 million.

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