The two-property portfolio offers significant value-add potential through additional renovations and lease up
Montgomery, AL (October 1, 2020) – Franklin Street has arranged the sale of a 482-unit, value-add multifamily portfolio for $18.5 million. The two communities, The Fields One Center and The Fields Carriage Hills, provide an opportunity for strong post-renovation return in a steadily improving rental market.
Two Waters Capital Management, an Atlanta-based multifamily acquisition and asset management firm, acquired the portfolio from Elite Street Capital, a real estate investment and development firm based in Houston. Franklin Street’s Atlanta Multifamily Investment Sales Team of Dan Phelan, Jake Reid, Chad Defoor and Alex Croy brokered the transaction on behalf of the seller.
The Fields portfolio is made up of 52 two-story buildings across approximately 36.25 acres. The units average 970 square feet, ranging in size from one-bedroom apartments to three-bedroom, 2.5-bathroom townhomes with private courtyards and covered carports.
The portfolio was 72% occupied at time of sale due to the seller’s focus on improving the quality of the tenant base and bringing offline units to rent-ready status. Approximately 36% of units have received upgrades to bathrooms and kitchens, including new appliances, countertops, backsplashes, flooring and fixtures. Monthly rents average $634, and renovated units are obtaining $100-$150 more per month than standard units.
“The Fields Portfolio offered the buyer a coveted opportunity to add significant scale to their existing Alabama holdings with the acquisition of two value-add assets with significant upside through completing renovations,” said Phelan. “Looking ahead, Montgomery’s steady employment trend and quiet multifamily construction pipeline, along with the ability to deliver renovated units to the market, position these properties long-term for healthy occupancy and rent growth.”
The Fields One Center and The Fields Carriage Hills are situated at 4220 Strathmore Drive and 3364 Fountain Lane, respectively, and are approximately 1.7 miles from one another. Both assets offer direct access to major highways and interstates and close proximity to the city’s largest employers, schools and retail/restaurants.
Amenities offered in the portfolio include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities
For Franklin Street press inquiries, please contact Public.Relations@Franklinst.com.