BIRMINGHAM, Ala. – September 11, 2019 – Berkadia announced today the sale of Verandas at Mitylene, a 332-unit garden-style multifamily property built in 2008 located in Montgomery, Alabama. Senior Managing Director David Oakley, Senior Director David Wilson and Associate Directors Caleb Frizzell and Abe Maddox, all of Berkadia’s Birmingham, Alabama office, completed the sale on behalf of the seller, a subsidiary of Illinois-based Inland Residential Properties Trust, Inc. (“Inland Residential”). The buyers were affiliates of Alabama-based B & M Management Company, and the transaction closed on August 20.
“The sale represented a 9.75 percent increase in price since the prior July 2017 sale when we brokered the disposition of the property from the original developer, Flournoy Development, to Inland Residential,” said Wilson. “No significant renovations had been made to the property since the July 2017 sale, although occupancy was higher, and rents had increased since the prior sale.”
Located at 8850 Crosswind Circle in East Montgomery, Verandas at Mitylene is a three-story Class A apartment property featuring one-, two- and three-bedroom floor plans with washers and dryers and granite countertops in all kitchens and bathrooms. The property is located in a high visibility location along the Interstate 85 and Alabama Highway corridors, directly across the interstate from the massive Eastchase mixed-use development.