April 3, 2020
Park West, a 278-unit apartment community located in Mobile, AL, has traded hands for $20.5 million. Two Waters Capital Management acquired the property from Ohio-based Legacy Capital Partners.
Park West, built in 1977, includes two resort-style swimming pools with sundecks, a 24-hour fitness center, a courtyard picnic and barbecue pavilion, and a playground.
Cushman & Wakefield’s Craig Hey and Andrew Brown represented the seller.
Hey says, “West Mobile continues to draw investor interest driven by its strong fundamentals, including healthy occupancy and rent growth metrics. The new owners were attracted to the submarket and are excited to make improvements to the property through the initiation of a value-add campaign.”
For comments, questions or concerns, please contact Dennis Kaiser