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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.
- ◦Sale/Acquisition
