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Multifamily

Kensington Apartments

4726 Narrow Lane Rd, Montgomery, AL 36116

Listing Price: Request For Offer

Number of Units
158
Gross SF
136,000

Investment Overview

The Gulf States office of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Kensington Apartments, 158 units located in Montgomery, Alabama. Constructed in 1971, Kensington is conveniently situated within close proximity to two of the largest employers in the city (Alfa, Baptist Health Hospital) which play host to over 7,000+ employees and also only a 10-minute drive to the Hyundai plant and the State Capital building and 15 minutes to Maxwell Airforce Base. Kensington has received over two million dollars in capital improvements by current ownership directed toward both interiors, exteriors, and amenities.

Investment Highlights

  • Workforce housing growth expected as Hyundai recently added a $410mm manufacturing facility and just announced plans to invest another $7.4 billion in electric vehicle production being spearheaded in
  • Since 2014, city-wide construction and revitalization projects have totaled over $1.5 billion in Montgomery.
  • The property is operating at a 30% economic loss (past 12 months) vs the 9-10% submarket average. $800K+ of additional NOI is achievable by closing the economic occupancy gap.

Exclusively Listed By

Multifamily

Kensington Apartments

Listing Price: Request For Offer

Number of Units
158
Gross SF
136,000

Investment Highlights

  • Workforce housing growth expected as Hyundai recently added a $410mm manufacturing facility and just announced plans to invest another $7.4 billion in electric vehicle production being spearheaded in
  • Since 2014, city-wide construction and revitalization projects have totaled over $1.5 billion in Montgomery.
  • The property is operating at a 30% economic loss (past 12 months) vs the 9-10% submarket average. $800K+ of additional NOI is achievable by closing the economic occupancy gap.

Investment Overview

The Gulf States office of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Kensington Apartments, 158 units located in Montgomery, Alabama. Constructed in 1971, Kensington is conveniently situated within close proximity to two of the largest employers in the city (Alfa, Baptist Health Hospital) which play host to over 7,000+ employees and also only a 10-minute drive to the Hyundai plant and the State Capital building and 15 minutes to Maxwell Airforce Base. Kensington has received over two million dollars in capital improvements by current ownership directed toward both interiors, exteriors, and amenities.

Exclusively Listed By

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