October 15, 2020
Franklin Street has arranged the $18.5 million sale of the Fields Portfolio, a 482-unit, value-add multifamily portfolio in Montgomery, AL.
The portfolio consists of two communities, the Fields One Center and the Fields Carriage Hills. The portfolio is made up of 52, two-story buildings across 36 acres. Units average 970 square feet and range in size from one- to three-bedroom units as well as townhomes with private courtyards and covered carports. Amenities include three swimming pools, two clubhouses, a fitness center, storage space and laundry facilities. At the time of sale, the portfolio was 72% occupied. Monthly rents average $634.
Dan Phelan, Jake Reid, Chad Defoor and Alex Croy of Franklin Street represented the seller, Elite Street Capital, in the transaction. The buyer was Atlanta-based multifamily acquisition and asset management firm Two Waters Capital Management.
For comments, questions or concerns, please contact David Cohen
Tags: Apartments & Multifamily