BIRMINGHAM, AL - Multi Housing Advisors (MHA) has brokered the sales of two Jackson, Miss., apartment communities totaling 316 units. The properties include the 296-unit Audubon Grove and the 20-unit River Bluff. The new owners of both communities plan extensive rehabilitations of the assets.
Brian Savage, a director in MHA’s Birmingham office, and Jimmy Adams, managing director of the Birmingham office, represented the seller in both transactions.
Details of the deals are below:
• Professional Equity Management purchased Audubon Grove. The sales price of the Class C community, which was built in 1974, was not disclosed.
• Belhaven Residential bought River Bluff for an undisclosed price. The Class B community is in the Belhaven Historic District and is near Belhaven University, Millsaps College, the Mississippi State Capitol and the University of Mississippi Medical Center.
The transactions capped a busy 2013 for Atlanta-based MHA. The Birmingham office brokered more than 25 transactions last year, and overall the firm, which also has an office in Charlotte, N.C., brokered more than 100 apartment sales across the Southeast in 2013.
“With continued improvement in economic conditions, an already robust apartment market should see high transactional volume in 2014. Value-add properties have historically been a way for investors to realize above-market returns, and we expect activity for these assets to remain strong in particular,” Savage said. “We see plentiful investor interest in all multifamily market segments in the coming year, and MHA is positioned to help our clients in the acquisition and disposition of a full range of property types, from value-add deals to Class-A properties, across the Southeast.”
About Multi Housing Advisors: Multi Housing Advisors (MHA) has become known as a solid leader in the multi housing industry. The company, founded in 2002, was established to bring a focused brokerage platform to growing markets throughout the Southeast. Since that time, MHA has created value for clients in virtually every sector of the multi-housing market. The MHA team works hard to build and enhance value by leveraging strong attention to detail, accessing an active investor base and capitalizing on its vast market knowledge in ways that benefit every aspect of the transaction process.
MHA enjoys a total sales transaction volume that has surpassed $2.6 billion, representing more than 81,000 units and more than 500 individual transactions. MHA serves local, regional and national clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth.
For more information, visit www.usmha.com.