HUNTSVILLE, AL - The Kirkland Company announced the sale of The Windsor, an 88-unit complex, and Cambridge Court, a 64-unit complex, both located in the heart of Huntsville, Alabama. The combined purchase price for both properties is approximately $17,500,000. The properties are comprised of studio, one-bedroom and two-bedroom apartments.
"Windsor and Cambridge are a perfect pairing for our entry into the Huntsville market. We have been attracted to Huntsville for a few years' time. The job demand drivers, high levels of intellectual capital, wonderful lifestyle and general affordability are exactly what we seek in investment markets. We are keen to grow our local portfolio vastly in the next 12 months and hope to find opportunities to put our capital to work," said Jonathan More of Mayfair. "Eric Hardesty of the Kirkland Company is a consummate professional and had a excellent handle on all moving parts throughout the deal process."
"This was a particularly challenging transaction with two disparate, yet experienced sellers. Mayfair and Navarino performed very well, dual tracking the transactions, and closing both deals simultaneously despite the market volatility and economic headwinds", said Eric Hardesty. "We look forward to getting many more of these done in the future with Navarino and Mayfair."
Eric Hardesty, Stephen Perlis, and Wade Lowry brokered the transaction between the buyers, Mayfair and Navarino, and the sellers, 3MC Partners and Penn Capital Group.
Source: Mayfair / Navarino