Country Club Apartments, a 224-unit apartment community in Tuscaloosa, recently sold for more than $14 million.
Birmingham’s Rock Apartment Advisors represented the seller, a California-based investor. The property was sold for $14.7 million to Nashville-based Legacy Property Management Group. It’s the group’s first property in the Tuscaloosa market, and it plans to upgrade interiors and amenities at the property.
“Rock was pleased to source a new investor for the Tuscaloosa market,” said Rock Apartment Advisors Managing Director Bo Flurry, in a press release. “While not on everyone’s radar, Tuscaloosa is a leading market in the state for multifamily fundamentals, and we’re experiencing a more competitive environment for properties in smaller, tertiary markets like Tuscaloosa as investors search for yields not available in larger markets.”
According to information from Rock Apartment Advisors, Tuscaloosa has had a year-over-year effective rent growth of 7.5 percent.
Country Club Apartments, built in 1973, has historically had occupancy of 95 percent or more.