Two Alabama apartment complexes sell as part of $67.5M deal

Four apartment communities in Alabama and Georgia traded hands in a large deal. A joint venture between Blue Magma Residential in Tampa and the Auerbach Opportunity Fund I LP sold a 747-unit multifamily portfolio for $67.5 million to three separate buyers. Auerbach Funds is based in Charlotte. Craig Hey, Jimmy Adams, Tyler Averitt and Nathan Swenson of Cushman & Wakefield represented the seller in the deal. The properties are located in Huntsville and Dothan, Alabama, and Covington, Georgia. Dallas-based Lurin Capital acquired Park at Bellingham and Summerhill in Huntsville. Built in the mid 1980s, the two properties have a total of 375 units. Adar Property Group in Lawrence, New York, acquired the Park at Ashburn in Dothan. Built in 1974, the community includes 184 units. Houston-based InterCapital Group acquired Park at Arlington in Covington, Georgia near Atlanta. The 2001 property houses 188 units. “The Southeast 747 Portfolio highlights the breadth of Cushman & Wakefield’s capabilities by executing four closings in different tranches across multiple states,” Hey said in a prepared statement. “The portfolio garnered interest from individual and portfolio buyers across the country. The buyers are each going to execute value-add campaigns and were drawn to the growth and per unit pricing in secondary and tertiary markets within the Sunbelt.” Peter Auerbach, managing partner of Auerbach Funds said the partnership with Blue Magma worked out well. “To not only improve the value of the assets but also lives of the tenants and the communities at large, makes our function as a steward of capital all the more rewarding,” Auerbach said in a prepared statement. “The team at Cushman & Wakefield was organized, aggressive, and insightful, and we look forward to many more transactions with this group.”