Cushman & Wakefield announced that the commercial real estate services firm arranged the $35.6 million sale of Astoria, a 252-unit multifamily community in Mobile, Alabama.
Cushman & Wakefield’s Andrew Brown and Ben Thomas represented the seller, Saxony Capital Management, in the transaction. The multifamily community was acquired by Carter Multifamily.
“Astoria is a great asset, well-located with good bones. Current ownership did a fantastic job proving out the value-add concept and new ownership plans to continue with interior renovations that will generate substantial rent premiums. We are very excited for both the buyer and seller in this transaction,” said Brown, Executive Director at Cushman & Wakefield.
Built in 2001, Astoria offers an outstanding location for tenants given its proximity to job drivers and quality retail in the west Mobile area. Amenities include a resident lounge with billiards, foosball, and coffee bar; a remodeled clubhouse and wellness center; valet trash removal; and, a saltwater swimming pool with an outdoor kitchen area.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 103-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.