Updated Oct 28, 2024
Morrison Avenue Capital Acquires Multifamily Property In Mobile, AL For $30.8M
1663 Hillcrest Road, Mobile, Alabama 36695, United States
$30,800,000
Units
278
Asset Type
MultiFamily
Closing
Jul 21, 2022
About this deal
AI
The multifamily property located at 1663 Hillcrest Rd in Mobile, AL has been sold. The transaction took place on 07/22/2022. The property consists of 278 units with a sale price of $30,800,000, resulting in a per unit price of $110,791.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,800,000
- Units: 278
- Price per Unit: $110,791
Morrison Avenue Capital Partners, LLC acquired the property from Two Waters Capital. The deal was facilitated by brokers Andrew Brown & Craig Hey from Cushman & Wakefield.
Players
Mobile MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93