Two Montgomery apartment complexes sold in a $35.1 million two-state deal.
Two Montgomery homes were part of a recent deal with three properties totaling $35.1 million.
Midtown Row, a 35-unit apartment complex built in 2020, and 48 Midtown, a 48-unit apartment complex built in 2015, were sold along with Midtown Starkville, a 56-unit apartment complex. The adjacent properties are located in the Old Cloverdale neighborhood of Montgomery.
The Montgomery deal was led by senior managing directors Bo Flurry and Justin Affinger and deputy director John McCrary of Newmark’s Birmingham office. Midtown Row and 48 Midtown were sold to Montgomery-based The Colonial Co. and acquired by NY Kushner Companies. NY Kushner already owns 436 apartments in Montgomery.
Midtown Starkville was sold by Harless and Co. of Tuscaloosa and acquired by Highland Real Estate Capital of Nashville, Tenn. Tommy Bronson of the firm’s Memphis office also helped with the Starkville deal.
“Both deals are great examples of the demand for high-quality housing in southeastern tertiary markets,” Flurry said. “Each property was best-in-class in its markets and had high occupancy and operational fundamentals that help maintain value.”
Midtown Row offers one-, two- and three-bedroom studios and apartments averaging 970 square feet. 48 Midtown boasts spacious one-, two- and three-bedroom apartments averaging 1,106 square feet.