Lightstone announced the acquisition of three multi-family rental properties in Mobile, Alabama, adding a total of 1,327 units to its national holdings, and establishing its footprint in the southern region of the United States.
The three properties most recently acquired are all located in the heart of Mobile and were purchased for $70.5 million total. They include The Estates at Lafayette Square (675 units) located at 900 Downtowner Blvd; Pine Bend & Hampton Park (450 units) at 1030 Montlimar Blvd and; Bel Air (200 units) located at 505 Bel Air Drive
“We’re always looking to grow our portfolio with attractive investment opportunities across the country, and are very pleased to acquire these three properties in Mobile,” said David Lichtenstein, chairman and CEO of Lightstone.
“Some of the best growth opportunities available right now are in secondary markets like Mobile. As a national company, we’re keen to establish a footprint in the South with these acquisitions and further grow our position in the region.”
All three properties were constructed in the 1970’s and were excellently maintained by the former owner, Morguard, a Canadian REIT, for over 20 years.
Comprised of groups of two-story buildings, the properties feature leasing offices and modern amenities, including clubhouses with lounges, fitness centers, and business centers.