Berkadia has negotiated the sale of Park Place Apartments, on the campus of Jacksonville State University. The three properties were sold to Hubbard Properties, of Birmingham, on December 3 for $5,075,000. Berkadia was acting on behalf of the seller, Southside Apartment Co. ServisFirst Bank, of Birmingham, secured the debt for the transaction.
The property, which was built between 1966 and 1985, has a total of 132 units, of which 98 percent were occupied at the time of the sale. Park Place has been partially renovated due to the tornado event that took place in 2018.
“This transaction is a terrific opportunity for the new owners due to the under-supply of student and on-campus housing at JSU,” said Caleb Frizzell, associate director of Berkadia’s Birmingham office. “The university is poised for strong growth into the future and will continue to be the primary source of employment and revenue for the area. Given those factors, we fully expect Park Place and the student housing market in Jacksonville to remain strong.”
Hubbard Properties has more than 30 years of property management experience and focuses solely on apartments in Alabama.
Southside Apartment Co. owns and operates historic properties across the Southeast.
