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The brokerage firm facilitated the sale of two multifamily properties that marked the first acquisitions for the buyers in Huntsville and Auburn, Ala.
Birmingham, Ala.—Multifamily commercial brokerage firm Rock Apartment Advisors has closed two apartment deals in its home state of Alabama totaling $40.7 million. The first transaction was the $18 million sale of The Arbors at Meadow Brook in Auburn, Ala., and the second was the $22.6 million sale of the Lexingtons at Madison in Huntsville, Ala.
Rock Apartment Advisors represented the seller of The Arbors at Meadow Brook, a 224-unit multifamily property located in a university town dominated by student housing. The seller was described as a San Francisco Bay Area-based privately held limited partnership. Capital One Multifamily Finance arranged the financing for the transaction.
The buyer, Mesa Capital, plans to provide quality non-student housing in a market that serves as the home of Auburn University. For its first acquisition in the market, Mesa Capital plans to upgrade the clubhouse, amenities and interiors of the community. Auburn also has access to one of the best public school systems in the state, according to Rock Apartment Advisors.
The firm also facilitated the sale of the Lexingtons at Madison to Wicker Park Capital Management, with the help of CBRE Greenville. The seller was an investment group managed by TIC Properties Management. The buyer plans to renovate the 336-unit property, including improving the clubhouse, amenities and interiors, as well as rebranding the community to be called Elements of Madison. The property is located near the Huntsville MSA and is the first multifamily property that Wicker Park acquired in this market.
“The Huntsville market offers the best job creation story in the state of Alabama,” said Rock Apartment Advisors Managing Director Bo Flurry. “Wicker Park has created a plan to enhance this preferred Madison submarket property that will capitalize on its central location relative to this nexus of job growth.”
The Huntsville MSA has seen population growth of 6.5 percent over the past five years and has created more than 4,000 new jobs in the last two years, including at big name firms like Polaris, Remington and Boeing.