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Morrison Avenue Capital has purchased Park West apartments in Mobile, AL for $30.8 million.

Morrison Avenue, Two Waters Exchange $31M for Mobile Multifamily

Cushman & Wakefield has arranged the $30.8-million sale of Park West, a 278-unit multifamily property in Mobile, AL

Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Two Waters Capital, in the transaction. The multifamily property was acquired by Morrison Avenue Capital Partners, LLC, a Tampa-based investment group that has acquired or built more than $500 million in aggregate asset value across 5,000 units since inception and is currently looking to expand with its recently raised Fund 30.

“The new owners have plans to invest a substantial amount of capital into the asset that will go toward interior upgrades, commons areas and improve operations of the property,” said Brown.

Park West was built in 1977 and was 90% leased at the time of sale. It has access to Providence Hospital, University of South Alabama and more than 1.5 million square feet of retail within a three-mile radius.


Inside The Story

Cushman & Wakefield's Brown

About Lisa McDuffie

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.

  • ◦Sale/Acquisition
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