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Atlanta & Southeast  + Southeast  + Apartments  |  January 23, 2020
David Cohen
By: David Cohen

Alabama Apartment Community Trades for $23M

Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment community in Daphne, AL. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, The Gateway Companies, in the transaction. The property was acquired by Atlanta-based firms Hathaway and Lynx Capital.

The community features ground-floor entry and an average unit size of 1,800 square feet. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theatre, resort-style swimming pool and a dog park with pet washing station.

“Baldwin County continues to draw national interest as it is the fastest-growing county in Alabama, with the total population expanding by 53% since 2000,” said Hey. “Investors were attracted to the unique home-like product in a rapidly expanding market with proximity to industry and jobs. New ownership of Palladian at Daphne is looking forward to capturing strong future cash flows and outsized yields.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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