The Colliers International East Region Multifamily Advisory Group represented both buyer and seller in the sale of Barrington Place at Somerset, a value-add, 2002-construction, 376-unit multifamily asset in Montgomery, Alabama. CORE Pacific Advisors purchased the property from Barrington Place LLC.
Barrington Place is a unique opportunity, well-positioned in the Eastchase submarket of Montgomery, which boasts two state-of-the-art fitness centers and swimming pools, 16-seat movie theater, children’s play room, playground, car care center, and jogging trail. The community offer a host of desirable features including large fully equipped kitchens, garden tubs, and washer and dryer included. Barrington Place is situated moments from Auburn University at Montgomery and The Shoppes at Eastchase, a 1.4-million square-foot regional shopping hub offering a mix of retail and entertainment options, including Whole Foods, Target, and Dicks Sporting Goods.
Will Mathews, Carter Brehm, and Austin Weathington of the Colliers East Region Group facilitated the transaction.
“This being our seventh transaction with CORE Pacific Advisors, in six different state, validates our ability to bring low cost of capital buyers to any market.” said Mathews, Managing Director and Platform Leader of Colliers East Region Multifamily Advisory Group.
“Colliers was able to achieve the second highest valuation for an apartment transaction in the history of Montgomery,” said Brehm, Associate of Colliers East Region Multifamily Advisory Group, “The breadth of our platform allowed us to attract West-Coast capital to the state of Alabama and open the door for CORE who has not previously owned in the state.”
“The long-standing successful relationship with Will and the Colliers team has been essential for us,” said Nels Billsten, Senior Vice President at CORE Pacific Advisors. “We are very excited about this latest transaction and appreciate the dedication and professionalism of the entire team.”
About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
