Greystone, in partnership with Cushman & Wakefield, announced they provided acquisition financing for, and arranged the sale of, respectively, the 173-unit Magnolia Preserve, a multifamily apartment community in Dothan, Alabama. The $22,311,000 Fannie Mae DUS® loan was originated by Elliott Mulkin of Greystone, while Craig Hey and Andrew Brown of Cushman & Wakefield brokered the sale on behalf of Oakley Group.
Magnolia Preserve is a garden-style apartment community located on 11.2 acres in Dothan, Alabama. Built in 2014, the property encompasses over 191,000 square feet of rentable space across nine residential buildings. Units feature modern interiors, with many renovated to include stainless steel appliances, granite countertops, updated lighting, and sunrooms in select layouts. Community amenities include a resort-style swimming pool, outdoor cabana with kitchen and fireplace, electronic package lockers, a dog park, car care center, business center, cybercafé, and a fitness center. Magnolia Preserve serves a resident demographic that includes a significant number of healthcare professionals, supported by the presence of two major medical centers in the area.
“Magnolia Preserve is a high-quality asset with a stable tenant base and strong sponsorship,” said Elliott Mulkin, Managing Director at Greystone. “We were pleased to work alongside Cushman & Wakefield to deliver seamless Agency execution and competitive terms tailored to the client’s long-term goals.”
Added Hey, Cushman & Wakefield Vice Chair, “Oakley Group’s continued investment in the Southeast multifamily market speaks to the strong fundamentals in this region. The collaborative effort between our teams ensured this acquisition was financed efficiently and positioned for long-term success.”