MONTGOMERY, AL - DWG Capital Partners, in partnership with Dorado Holdings, has acquired Cloverdale Estates, which is located at 3453 Audubon Road approximately one mile from Montgomery, Alabama’s Cloverdale Historic District. The 106-unit community features large one-, two-, and three-bedroom apartments.
Cloverdale Estates benefits from Montgomery's economic growth. Key developments, including the Meta data center and the Alabama Port Authority’s Intermodal Container Transfer Facility, along with proximity to eight public and private colleges and universities and Maxwell Air Force Base, are driving demand for housing in the area.
“Montgomery’s growth and limited new housing inventory make Cloverdale Estates an attractive investment,” said Dorado Holdings Managing Partner Simon Miller. “We’re excited to expand our presence and further our partnership with DWG Capital Partners.”
Approximately 70% of the units have been upgraded with high-end finishes, updated mechanical systems, and exterior improvements. Apartments feature spacious layouts, patios/balconies, and select units offer washer/dryer connections. There are plans to quickly add storage units and renovate the remaining units within 24 months.
"Together, with Dorado Holdings, we plan to acquire several value-add opportunities annually in high-potential areas," stated DWG Capital Partners President Judd Dunning, who has closed over 15,000 multifamily units throughout his career. "We seek select diversification opportunities for our investors to complement DWG Capital Partners' growing portfolio targeting an additional $100 million in industrial sale leaseback acquisitions."
This marks the joint venture’s second acquisition in Montgomery, following its purchase of 96-unit Greenbriar Apartments in July. The seller, RK Cloverdale LLC, was represented by Josh Jacobs of Marcus & Millichap.