Highlands Vista Acquires Mobile Multifam Portfolio from StoneRiver
Cushman & Wakefield has arranged the sale of a three-property multifamily portfolio of communities in Mobile, AL: Ashford Place, Huntleigh Woods and Southern Oaks.
Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, StoneRiver Company, in the transaction (Cushman & Wakefield represented Stone River when it purchased the properties several years ago). The multifamily portfolio was acquired by Highlands Vista Group.
“Highlands Vista Group is purchasing a well-run, quality product below today’s replacement cost, in tightening submarkets with rising rents,” said Hey.
Built between 1974 and 1983, Ashford Place, Huntleigh Woods and Southern Oaks are located within one mile of Airport Boulevard and convenient to Mobile’s employment, retail and leisure opportunities.
These communities were the last remaining assets in StoneRiver’s first fund, which acquired six communities, totaling 1,315 units, in AL, GA and MI. StoneRiver is currently seeking multifamily acquisitions and developments in the Southeast through StoneRiver Investment Fund II.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.