Transaction Indicative of Growing Prattville Market Seeing Organic Rent Growth
Cushman & Wakefield’s Birmingham Multifamily group represented Foshee Residential Management Company in the sale of Highland Lakes Apartment Homes in Prattville, Ala., to Blue Rock Partners of Tampa, Fla.
Cushman & Wakefield’s Jimmy Adams and Craig Hey represented Foshee Residential Management Company. Highland Lakes is a 224-unit apartment complex built in 2001. This was Blue Rock Partners’ first purchase in the Montgomery metropolitan area, though the organization has acquired multiple assets within the state.
“The transaction is representative of the influx of private capital entering secondary and tertiary markets after being priced out of primary apartments markets,” Executive Managing Director Jimmy Adams said. “Prattville is currently one of the preeminent growth hubs in the state with an excellent demographic base and a burgeoning multifamily market, both of which will lead to organic rent growth at Highland Lakes.”
About Foshee Residential Management Company
Foshee Residential Management Company, LLC, is an apartment management firm headquartered in Montgomery, Ala., that manages over 30 apartment home communities in 10 cities throughout Alabama and Florida. It is their mission to provide quality management of multifamily residential housing communities and related entities in a manner that will ensure optimum success of each property, a fantastic work environment for their employees and a model of excellence in the communities in which they work. They strive to be the premier property management firm in the multifamily industry – premier to their fellow employees, premier to the communities in which they work – a model of integrity and excellence that glorifies God. More at www.FosheeManagement.com or @FosheeResidential.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
