May 27, 2022
Huntsville, AL- SVN | AVAT Sunbelt Multifamily, a commercial real estate brokerage firm specializing in multifamily real estate, announced today the sale of Hermitage and Albany Landing Apartments, a two-property portfolio consisting of 220-units located in Decatur, Alabama, just outside of Huntsville. According to Andrew Agee, managing director of SVN Avat, the asset sold for $22,8000,000 million.
Hermitage Apartments, constructed in 1984, is comprised of 100 units, and was sold by the original local developer, Mr. Bill Collins. The property was very well built with brick exteriors, a leasing office, a pool, and other notable amentities. Albany Landing, constructed in 1982 is comprised of 120 units all surrounding a large, stocked pond. Both properties are well maintained, well occupied with a waiting list, and have seen at least partial renovations recently.
The buyers, Quattro Capital headquartered in Nashville, plan to insert approximately $20,000/unit into capital renovations and provide Decatur with its first "A Quality" apartment asset. Some of the renovations include new flooring, cabinets, countertops, stainless steel appliances, smart technology, water saving features, Amazon package center, and much more.
Andrew Agee, Managing Director of SVN AVAT arranged the sale and represented the seller and buyer in the transaction. Headquartered in Huntsville, Alabama, SVN manages the sale of multifamily properties across the Southeast United States, including Alabama, Tennessee, Mississippi, North Carolina, Oklahoma, Texas, and Georgia. We are a national leader in the multifamily industry with a history of success, managing more than $700 million in recent transaction volume and more than 12,000 units sold.
With more than 12 years' experience in the multifamily space, our industry expertise, national marketing platform and relationships with thousands of buyers and financiers enables our team to provide superior value to our clients. SVN AVAT advisors offer both national reach and local expertise. Whether you're looking to buy or sell a single property or a geographically diversified portfolio, our advisors have the capabilty to advise you on your multifamily needs.