BIRMINGHAM, Ala. and BATON ROUGE, La. – December 18, 2019 – Berkadia announced today the sale of The Met Apartments, a 288-unit garden-style multifamily property in Hattiesburg, Mississippi. Senior Managing Director David Oakley, Senior Director David Wilson and Associate Director Jay Briley of Berkadia’s Birmingham, Alabama office, along with Managing Director Gregg Cordaro of Berkadia’s Baton Rouge, Louisiana office, together completed the sale on behalf of the seller, Texas-based NNI Development. The buyer was Mississippi-based Heritage Properties, and the deal closed on December 9.
“The Met is poised for strong future rental demand, especially provided its high-visibility location in Hattiesburg’s western corridor. Not to mention, the property is effectively across the street from Merit Hospital, the Turtle Creek regional mall and major retail and grocery stores in Hattiesburg’s hottest growth area,” said Oakley. “The vibrant office space, large pool deck and elevator access in each building serve as strong competitive advantages for the property.”
Hattiesburg is located in southern Mississippi, approximately 70 miles north of the Mississippi Gulf Coast. This energetic college town, anchoring an MSA of over 149,000 people, is known as the area’s “hub city” and affords convenient access to New Orleans, Jackson, Mississippi, Mobile, Alabama and Florida beaches. Hattiesburg’s economy is built on the three community pillars—Healthcare, Education and Military—and the local unemployment rate is nearing an all-time low of four percent. The area has realized 22 percent GDP growth over the last six-years, which also correlates to the strong rental-demand of the area. Local apartment occupancy has remained consistent between 92-94 percent, while existing Class-A communities have remained in high demand between 97-98 percent.
Located at 27 Lake Forgetful, The Met Apartments was completed in 2018 and affords convenient access to Highway 98, Shadow Ridge Golf Club and the area’s shops and restaurants. The property features one-, two- and three-bedroom floor plans with stainless steel appliances, granite countertops, wood-look flooring and full-size in-unit washers and dryers. Community amenities include a fitness center, a swimming pool, a pet park and an entertainment lounge.