Cushman & Wakefield has arranged the $51 million sale of The Apartments at the Venue in Valley, Ala. Valley is a city of approximately 10,000 residents situated on the Alabama-Georgia state line about 45 miles northwest of Columbus, Ga.
The decade-old, Class A, 618-unit apartment community features a number of amenities, including three resort-style pools, a pair of state-of-the-art clubhouses with business centers, a fitness center, detached garage units and private access gates.
More than $1 million has been invested in the property in the last three years, giving the next investor flexibility to focus on value-add and additional development land.
The Apartments at the Venue is situated in one of the Southeast’s prime auto corridors. It is 20 minutes southwest of Kia, which employs 3,000, and the upcoming Sentury Tire plant, which will offer 1,000 jobs by next year.
“The biggest challenge was finding a $20 million to $25 million equity check for a tertiary market, as the attractive in-place loan was low—55 percent—leverage,” Cushman & Wakefield’s executive managing director Jimmy Adams told MHN.
“Ultimately we had a very competitive process, which we accomplished by focusing resources on investors looking for growth, scale or balancing their portfolio leverage.”
The Apartments at the Venue sold for $82,524 per unit.
In the transaction, Adams, Robert Stickel and Craig Hey of Cushman & Wakefield represented the seller, Irinda Capital Management and BRT Realty Trust. Hamilton Point Investments purchased the asset.
“The Apartments at the Venue arrived to the market with strong in-place yield and an attractive, low-leverage full-term IO assumable loan,” Adams said.