Three garden-style, multifamily properties in Tuscaloosa have been acquired by Arch Companies and Drake Real Estate Partners. These three properties — Broadmoor Gardens, Copper Creek and Woodlawn Manor — total 649 units. All three are located south of downtown Tuscaloosa and the University of Alabama in Southwood and Idlewood.
This is the third acquisition of garden-style properties by Arch-Drake in the last five months. This purchase follows an acquisition of 672 garden-style units in Columbia, South Carolina, and 486 garden-style units in Birmingham earlier this year, bringing the partnership up to approximately 2,000 units.
This acquisition was financed by Walker & Dunlop Commercial Property Funding and arranged by Marcus & Millichap First Vice President of Investments Josh Jacobs, and Colliers International Partner and Managing Director Brian Savage.
“Strategically located near the heart of Tuscaloosa, this portfolio aligns with our expansive Southeastern footprint,” said Jeffrey Simpson, managing partner and co-founder of Arch Companies. New York-based Arch Companies has an investment portfolio of more than 3.4 million square feet across the United States.
The Tuscaloosa acquisitions are a mix of one-, two- and three-bedroom units, all with strong occupancy figures. The properties are near parks, the DCH Regional Medical Center and Mercedes-Benz US International. The properties will be operated by Arch’s in-house management team.
“Across our robust Southeast multifamily presence, our strategy is to stabilize and improve assets to deliver investment value and a great resident experience,” said Jared Chassen, partner and co-founder of Arch Companies.
Drake Real Estate Partners, founded in New York in 2012, has completed more than $1.5 billion in transactions to date across multifamily, industrial, office, self-storage, senior housing, retail and hospitality industries.
“Drake continues to seek long-term, programmatic relationships with strategic partners, like Arch, with deep expertise and relationships in their respective property types and markets,” said Moira Concannon, vice president of acquisitions for Drake Real Estate Partners.
Marcus & Millichap, a commercial real estate investment company, and Colliers, a professional services and investment management company, both have two offices each in Alabama.
For more news from Marcus & Millichap, visit here.