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1908 Briarwood Street, Prat...

Updated Oct 28, 2024

Timberland Partners Acquires 224-Unit Multifamily In Prattville, AL For $42M
SOLDMultiFamily

Timberland Partners Acquires 224-Unit Multifamily In Prattville, AL For $42M

1908 Briarwood Street, Prattville, Alabama 36066, United States

$42,000,000

Units

224

Asset Type

MultiFamily

Closing

Jul 24, 2022

About this deal

AI

The multifamily property located at 1908 Briarwood St in Prattville, AL has been sold. The property consists of 224 units and was sold for a total price of $42,000,000, resulting in a per unit price of $187,500. The sale was completed on 07/25/2022. The buyer of the property was Timberland Partners, while the seller was Morrison Avenue Capital Partners, LLC. The transaction was facilitated by brokers Craig Hey and Andrew Brown from Cushman & Wakefield.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $42,000,000
  • Units: 224
  • Price per Unit: $187,500
  • Buyer: Timberland Partners
  • Seller: Morrison Avenue Capital Partners, LLC
  • Brokers: Craig Hey & Andrew Brown - Cushman & Wakefield

This transaction highlights the successful collaboration between Timberland Partners, the buyer, and Morrison Avenue Capital Partners, LLC, the seller. The involvement of brokers Craig Hey and Andrew Brown from Cushman & Wakefield played a crucial role in facilitating the sale of this multifamily property in Prattville, AL.

On the Map

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$42,000,000

MultiFamily

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Players

Craig Hey

Cushman & Wakefield

Broker

$456M

vol

9 deals

Broker
TP
Timberland PartnersBuyer
ML
Morrison Avenue Capital Partners, LLCSeller

Prattville MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $187.5K per unit across 224 units on a published $42M (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.38%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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