Morrison Avenue Capital Acquires Multifamily Property In Mobile, AL For $30.8M
1663 Hillcrest Road, Mobile, Alabama 36695, United States
$30,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 21, 2022
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
Loading comparables…
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