Cushman & Wakefield announced the commercial real estate services firm has arranged the $6.82 million sale of Meadowbrook, a 60-unit apartment community located in Foley, Alabama.
Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Arch Companies, in the transaction. Bayfront Capital Partners, a boutique real estate investment firm, acquired the property.
“Meadowbrook is situated in the rapidly expanding Baldwin County which features great schools and high-income earners,” Brown said. “The buyer is excited to expand their presence in the market through a well-maintained asset with strong upside potential.”
Constructed in two phases (1979 and 2007), Meadowbrook features spacious floor plans and aesthetic grounds and is well-positioned for a targeted interior value-add program. The property is conveniently located near Foley Beach Express and offers convenient access to Tanger Outlet, Downtown Foley and Foley Sport Center.
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.