A private investor has purchased the Cedar Trace and Eastwyck Apartments, two adjacent apartment communities totaling 228 units, in Mobile, AL. Donald Gambril with Birmingham-based Harbert Multifamily Advisors represented the Seller in the transaction.
The financial terms of the deal were not disclosed. Built in 1970s, the two-story, garden-style properties will undergo capital projects to modernize both the exterior and interior of the buildings. Gambril stated, “Cedar Trace and Eastwyck present a tremendous value-add opportunity for new ownership. Several other properties in the area have completed successful renovation programs, and with its close proximity to both Midtown and Downtown Mobile, these properties can capitalize on the robust demand for quality rental product in the area. Multifamily fundamentals in Mobile remain strong, even with the industry-wide challenges presented by COVID. Current occupancy among properties in the market greater than 200 units is currently 96%.”