Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment community located in Daphne, Alabama on the eastern shoreline of Mobile Bay. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, The Gateway Companies, in the transaction. The property was acquired by Hathaway and Lynx Capital, each headquartered in Atlanta, Georgia.
“Baldwin County continues to draw national interest as it is the fastest growing county in Alabama, with the total population expanding by 53% since 2000,” Hey said. “Investors were attracted to the unique home-like product in a rapidly expanding market with proximity to industry and jobs. New ownership of Palladian at Daphne is looking forward to capturing strong future cash flows and outsized yields.”
With attached garages, ground-floor entry and massive 1,800-square-foot average floor plans, Palladian at Daphne offers residents “home-style” living at a low cost per square foot. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theatre, resort-style swimming pool and a bark park with pet washing station.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
