MOBILE, AL – Cushman & Wakefield announced that the commercial real estate services firm has arranged the $30.75 million sale of Park West, a 278-unit multifamily property located in the West Mobile submarket.
Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Two Waters Capital, in the transaction. The multifamily property was acquired by Morrison Avenue Capital Partners, LLC (MACP), a Tampa-based investment group targeting development and opportunistic acquisitions across the Southeast. Since inception, MACP has acquired or built more than $500 million in aggregate asset value across 5,000 units, and they are looking to expand aggressively with their recently raised Fund 30.
“Park West is very well-located in West Mobile with strong visibility on Hillcrest Road. The new owners have plans to invest a substantial amount of capital into the asset that will go toward interior upgrades, commons areas and improve operations of the property,” said Brown, Managing Director at Cushman & Wakefield.
Park West was built in 1977 and was 90% leased at the time of sale. The multifamily property features units averaging 846 square feet and offers two resort-style swimming pools, a 24-hour fitness center, courtyard picnic and barbecue pavilion, and on-site management.
In addition, Park West has high visibility and frontage off Hillcrest Road and exceptional access to Providence Hospital, University of South Alabama, and more than 1.5 million square feet of retail within a three-mile radius.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.