Greystone Brown Real Estate Advisors announced it has closed on the sale of The Belmont in Montgomery, AL and Crossings of Millbrook in Millbrook, AL, for a combined $48,150,000. Walter Miller, Jim Jarrell, Cory Caroline Sams, and Bo Brown of Greystone Brown Real Estate Advisors advised the buyers and sellers for The Belmont. Walter Miller, Cory Caroline Sams, Taylor Brown and Bo Brown represented the seller for The Crossings at Millbrook. Both deals closed within a few days of each other.
Crossings of Millbrook, acquired by PEM Real Estate Group, LLC for $24,400,000 on October 17, is a 240-unit property constructed in 2010. The community boasts a clubhouse, fitness center, swimming pool, and screened porches. Chandler Brown, of Greystone Brown Real Estate Advisors, brought the buyer to the deal.
The Belmont, which was acquired by Anthos Properties for $23,750,000 on October 19, boasts 468 total units which were built in phases in 1988, 1996, and 1997. The community offers one-, two-, and three-bedroom units with lake views and a park-like setting. Anthos Properties estimates that $3 million will be invested in capital expenditures to renovate roofs, siding, piping and improving the property’s amenities.
“There has been a marked increase in interest for investment in the Montgomery, AL market, and these two assets offer value-add opportunities for both buyers,” said Bo Brown, President, Greystone Brown Real Estate Advisors.