Cushman & Wakefield has arranged the $134.3 million sale of a five-property portfolio located in Mobile, Alabama. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the Massachusetts-based seller, Colony Hills Capital, in the transaction. Post Road Group and Spruce Capital Partners acquired the properties.
“This package, with over 2,000 total units, offered a rare opportunity to gain a major foothold in the Mobile market with in-place yield and massive economies of scale,” Adams said. “With three major portfolios sold in Mobile in the past year, we are seeing investors pursue the metro as a high-growth market with new Amazon, Walmart, aerospace, and port/ship-building jobs supporting Mobile and the Gulf Coast’s future.”
The properties include Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. With access along the Airport and Government Boulevard Corridors, the portfolio is well-located near retail and job drivers. Each of the assets, built between 1951 and 1982, have been excellently maintained, and 52% of the unit mix offers a townhome layout.