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Morrison Avenue Capital Divests Alabama MF for Nearly $12M
Chaney Place, an 80-unit apartment community in Huntsville, AL, has traded hands for $11.76 million. Cushman & Wakefield’s Craig Hey and Andrew Brown represented the seller, Morrison Avenue Capital Partners, in the transaction. Birmingham-based Red Street Investment Co. acquired the property.
“Huntsville continues to be a highly sought-after locale for investors, as it had the highest apartment rent growth nationally as of March,” Hey said. “Chaney Place came to market with significant momentum, and new ownership is excited to capture strong future cash flows and continued growth.”
With ground floor entry, predominantly brick exteriors and 1,350-square-foot average floor plans, the property offers residents ‘condo-style’ living at a low cost-per-foot.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
