Berkadia has arranged the $5 million sale of Park Place Apartments, a 132-unit student housing property on the campus of Jacksonville State University in Alabama.

Park Place was constructed between 1966 and 1985 and partially renovated in 2018, after a tornado stuck the campus. The community is located between the tennis courts and fraternity row. At the time of sale, the properties were 98% occupied.

Caleb Frizzell of Berkadia’s Birmingham office represented the seller, Southside Apartment Company, in the transaction. The buyer was Birmingham-based Hubbard Properties.

“This transaction is a terrific opportunity for the new owners due to the under-supply of student and on-campus housing at JSU,” said Frizzell. “The University is poised for strong growth into the future and will continue to be the primary source of employment and revenue for the area. Given those factors, we fully expect Park Place and the student housing market in Jacksonville to remain strong.”

For comments, questions or concerns, please contact David Cohen