Cushman & Wakefield announced that the commercial real estate services firm has arranged the $6.09 million sale of Legacy at River Run, a 70-unit apartment community located in Wetumpka, Alabama.
Craig Hey, Parker Caldwell and Elizabeth Ming of Cushman & Wakefield represented the seller, Legacy Partners, in the transaction. Harbert Realty Services, one of the largest privately held, full service commercial real estate firms in the Southeast, acquired the property.
“Legacy at River Run came to market experiencing extraordinary leasing velocity, an in-place value-add campaign, and barriers to entry,” Hey said.
Constructed in 1976 and 2001, Legacy at River Run is highly visible from AL-14 and maintains prime frontage on the Coosa River. Wetumpka, located just north of Alabama’s capitol city of Montgomery, is expanding rapidly as it benefits from strong schools and proximity to quality employment opportunities. Amenities include a pool, sundeck, laundry facility, and fitness center.
“New ownership was excited by positive performance trends, location, construction type and further value-add potential,” Ming said.
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.