Berkadia Real Estate Advisors LLC is please to present the opportunity to acquire Park Place Apartments, consisting of 40 units located in Millbrook, Alabama. Originally constructed in 2006, this property is located just outside of the city of Montgomery, AL.
Park Place is located in a strong rental market, with occupancy in the mid to high 90s range. Located just a short distance from I-65, this property is perfectly situated for commuters, heading towards Montgomery and Prattville. Due to the location, Park Place requires minimal marketing and promotion to maintain high occupancy. Although well maintained by current ownership, there is still significant upside, given the lack of renovations. Having no microwaves or dishwashers in any units, Park Place is well positioned for the next investor to complete minor updates, increase performance, and boost cash flow.
PARK PLACE APARTMENTS
Park Place is located off of Main Street in Millbrook, AL, just minutes from I-65. This property offers its residents very spacious units and a strategic location, close to the state’s capital, Montgomery. Millbrook also offers one of the state’s most highly sought-after school districts. Park Place is also in close proximity to several grocery stores, including Winn- Dixie, across the street and a Walmart Super Center, approximately 2 miles away. In addition, there are many local retail shops and restaurants surrounding the property, making it a convenient location for residents. Being in a strong rental market, Park Place offers the next investor the opportunity to complete some minor renovations, implement RUBs and boost rents year 1.
2120 16th Avenue South, Third Floor
Birmingham, AL 35205