Atlanta-based Mesa Capital Partners purchased Arbors at Meadow Brook, a multifamily property in Auburn, for more than $18 million.
Birmingham’s Rock Apartment Advisors brokered the sale, which followed a competitive bidding process. The purchase price was $18.1 million, or $84,579 per unit. According to a press release, the financing was arranged by Capital One’s multifamily finance team.
Arbors at Meadow Brook is a 224-unit property in the growing college town.
“As the first multifamily property Mesa Capital Partners has acquired in the Auburn market, Arbors at Meadow Brook is a well-positioned investment that provides residents access to one of the best public school systems in the state,” said Rock Apartment Advisors Senior Associate Justin Uffinger, in a press release.
Mesa Capital Partners plans to complete upgrades at the property’s clubhouse and the apartment interiors.