Cushman & Wakefield announced the commercial real estate services firm has arranged the sale of The Moderne at Providence, 300-unit apartment community located in Huntsville, Alabama.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, RAS Realty Partners, in the transaction. The Sterling Group, a Midwest-based, vertically integrated real estate investment services firm, acquired the property.
“The Moderne at Providence is one of the most sought-after rental properties in Huntsville as it is part of a high-end PUD near major employment drivers,” Adams said. “New ownership is excited to scale its existing Sunbelt and Huntsville portfolio with the addition of this class A community.”
Constructed in 2017, The Moderne at Providence is within walking distance of the Village of Providence, a high-end neighborhood centered around 800,000 square feet of boutique retail, restaurants, hospitality and office space. Amenities at The Moderne at Providence include resort style pool with poolside grills, bark park, pet spa, business center, internet café with complimentary Wi-Fi, state-of-the-art fitness facility, extensive walking trails, outdoor fire pit, and storage units available in every building.
“The Moderne at Providence has been one of the strongest performing assets in our portfolio over the past three years,” said Michael Heller of RAS. “The rapid growth of the Huntsville market since our acquisition in 2018 has allowed us to achieve tremendous rent growth. It is bittersweet to part ways with the Moderne, but we saw an opportunity to take advantage of the hot market which has resulted in a very large return on our original investment, far exceeding our original expectations. The Sterling Group is an excellent operator and we wish them best of luck with the asset.”
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.