MOBILE, AL - National real estate investor and developer Lightstone announced the acquisition of three multi-family rental properties in Mobile, Alabama, adding a total of 1,327 units to their national holdings, and firmly establishing their 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)– 900 Downtowner Blvd
Pine Bend & Hampton Park (450 units) – 1030 Montlimar Blvd
Bel Air (200 units) – 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 attractive, well-designed leasing offices and modern amenities, including clubhouses with lounges, fitness centers, and business centers.
The properties in the portfolio are all located in the Midtown area of Mobile, near the intersection of two main corridors and close to the large, recently renovated Bel Air Mall.
Lightstone, founded by David Lichtenstein, is one of the most highly-regarded and diversified private real estate companies in the United States. Operating in all sectors of the real estate market, Lightstone's $2 billion portfolio (in 28 states) currently includes over 5.6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 4,766 hotel keys. It also owns over 12,000 land lots across the country.