MONTGOMERY, AL – 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.