Arch Companies, a New York based real estate investor has purchased the Meadowbrook apartments, a 60 unit apartment property in Foley, AL. Donald Gambril and Micah Dodd with Birmingham based Rock Apartment Advisors represented the seller, also based in New York, in the deal.
The purchase price was $4,000,000, or $66,667 per unit. The property consists of two and three-bedroom units, and was 95% occupied at the time of acquisition.
“Meadowbrook offered the investors the opportunity to acquire a well-performing asset poised for organic revenue growth resulting from both improvements made by previous ownership, as well as Foley’s economic momentum,” Gambril said. The property is located just north of the new OWA development between Highway 59 and the Foley Beach Express. This was the purchaser’s first acquisition in the Mobile MSA, and they look to grow their presence in the state. “As we seek to expand our presence in the region, Meadowbrook offered an opportunity that is perfectly aligned with our investment criteria,” said Arch Companies’ Partner Jared Chassen.