Multifamily
The Pointe & Southmall Apartments
1814 Bond Cir NE, Center Point, AL 35215
Listing Price: Request For Offer
Investment Overview
The Gulf States office of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Southmall and The Pointe Apartments, a 336 unit multifamily package located in Montgomery and Birmingham, AL. Southmall (160 units built in 1985) and The Pointe (198 units built in 1972) arrive to market on the heels of a significant repositioning campaign across both properties that strategically upgraded key asset components, including roof replacements, window and siding enhancements, and selective interior renovations with a combined $7.5mm ($22,000/unit+) in total capital infusion in recent years.
The Pointe & Southmall Apartments
Investment Highlights
- Improvements position the properties for operational efficiencies, presenting future ownership with substantial opportunities to drive revenue which will lead to above market yields beginning in year1
- Southmall and The Pointe Apartments are classified under Section 42 Low Income Housing Tax Credits (LIHTC), which are currently in the extended use period and QC-eligible.
- Max Allowable Rent has risen by over 25% in recent years across the surrounding areas, with MAR now averaging well north of $1,110/month.
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Improvements position the properties for operational efficiencies, presenting future ownership with substantial opportunities to drive revenue which will lead to above market yields beginning in year1
- Southmall and The Pointe Apartments are classified under Section 42 Low Income Housing Tax Credits (LIHTC), which are currently in the extended use period and QC-eligible.
- Max Allowable Rent has risen by over 25% in recent years across the surrounding areas, with MAR now averaging well north of $1,110/month.
Investment Overview
The Gulf States office of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Southmall and The Pointe Apartments, a 336 unit multifamily package located in Montgomery and Birmingham, AL. Southmall (160 units built in 1985) and The Pointe (198 units built in 1972) arrive to market on the heels of a significant repositioning campaign across both properties that strategically upgraded key asset components, including roof replacements, window and siding enhancements, and selective interior renovations with a combined $7.5mm ($22,000/unit+) in total capital infusion in recent years.
Exclusively Listed By
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