Source: Transcontinental Realty Investors / #Apartments #Multifamily
GULF SHORES, AL - Transcontinental Realty Investors and Abode Properties announced the acquisition of the Villas at Bon Secour multifamily property in the coastal city of Gulf Shores, Alabama. The federally insured property was secured through Freddie Mac Multifamily, one of the nation’s leading multifamily housing lenders. The class A asset will become part of the Southern Properties Capital portfolio.
The Villas at Bon Secour is a 200-unit Class A garden-style community comprised of 11 2-story buildings, with 4 different floor plan options. One and two bedroom units, range from 648 to 990 square feet.
“We are thrilled to acquire this income producing asset in our first ever transaction with Freddie Mac. We look forward to a long lasting relationship with such a respected lender,” commented President and CEO Daniel J. Moos. “Villas at Bon Secour is in Baldwin County, one of the fastest growing counties in Alabama; reportedly with the 2nd lowest unemployment rate. The asset is yet another example of TCI’s continuous expansion into exceptionally strong markets.”
Interior amenities include pool and courtyard views, 9 foot ceilings, gourmet style kitchens with double stainless steel sinks, wood-look vinyl flooring, and breakfast nooks in select units. The community offers gated/controlled access, business center, dog-park, clothes care center, fitness center and a resort style pool and pergola.
The property is 4.5 miles from the beach and minutes from Pelican Place retail center offering retail shopping, dining and movies. The University of South Alabama’s Gulf Coast Campus is located within one mile of Villas at Bon Secour, making it a great location for students and university employees.