Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Timber Ridge, a 320-unit apartment community located in Mobile, Alabama.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, RealSource, in the transaction. Morrison Avenue Capital Partners, a multifamily real estate development and acquisition firm with over 5,000 units in the Southeastern United States, acquired the property.
“Timber Ridge is in a great submarket in West Mobile which has shown a lot of resiliency and growth over the past year,” Adams said. “The asset offers a lot of upside for the next buyer through the rehabilitation of a handful of down units and market-backed value add.”
Built in 1998, the property includes one-, two- and three-bedroom apartments. Amenities include a resort-style swimming pool, fitness center with sundeck, valet trash service, tennis court, care wash and a clubhouse.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.