Post Road Group and Spruce Capital Partners acquired a five property-portfolio in Mobile, Alabama, for $134.3m. The residential properties include Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. Built between 1951 and 1982, 52 percent of the units offer a townhome layout. Cushman & Wakefield arranged the sale on behalf of the seller, Colony Hills Capital. “This package, with over 2,000 total units, offered a rare opportunity to gain a major foothold in the Mobile market with in-place yield and significant economies of scale,” said Jimmy Adams of Cushman & Wakefield. “With three major portfolios sold in Mobile in the past year, we are seeing investors pursue the metro as a high-growth market with new e-commerce, retail, aerospace and port/ship-building jobs supporting Mobile and the Gulf Coast’s future.”
