Cushman & Wakefield announced the commercial real estate services firm has arranged the $31 million sale of Palladian at Daphne, a 120-unit multifamily rental community located in the Daphne municipality of Mobile, Alabama.
Craig Hey and Jimmy Adams of Cushman & Wakefield represented the sellers, Hathaway and Lynx Capital, in the transaction. During Hathaway’s ownership, the property was professionally managed by Provence Real Estate, a leading third-party property management firm that specializes in multifamily assets. The property was acquired by Henssler Capital.
“Daphne is part of Baldwin County, which continues to be a growth accelerator for the state and region as its population has grown over 50 percent since 2000,” said Hey. “Palladian at Daphne was an early example of the build-for-rent product type that is experiencing heavy demand in many Sunbelt markets along the gulf coast.”
Built in 2017, Palladian at Daphne offers spacious floor plans, attached garages and ground floor entry. The property is situated along the Eastern Shore of Mobile within proximity to many retail and employment options.
“Palladian at Daphne has value-add potential that can be achieved through future interior enhancements like the installation of granite counter tops, tile backsplash, new fixtures and implementation of a new paint scheme,” added Adams.
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.