Multifamily Real Estate Community On Hillcrest Road Acquired

Birmingham-based Oakley Group, an experienced multifamily real estate investment firm, has acquired Summit at Hillcrest, a 104-unit apartment community totaling 114,400 net rentable ft² situated on approximately 7.23 acres at 1601 Hillcrest Road in Mobile. CEO David Oakley said the property was purchased from Pacific Hillcrest LLC, a Delaware-based limited liability company, and listed by Marcus & Millichap with brokers Josh Jacobs and Royce Emerson representing both sides. Oakley Group acquired Summit at Hillcrest with a Fannie Mae loan assumption with a 4.36% fixed rate, five years remaining on term and a loan balance of $7.95 million. The property consists of 14 two-story brick buildings on a low-density site with ample green space, a clubhouse, a poolhouse and a fitness center, all built in 1982. Oakley Group said plans for the property include light enhancements such as new asphalt to common drives, exterior painting, landscaping, clubhouse upgrades, a new fire pit and grilling station, and modern upgrades to interiors. The one- and two-bedroom units’ square footage ranges from 950 to 1,250 per unit. Upon purchase, the property was 94% leased. Arlington Properties, which has a longstanding relationship with Oakley Group, has been retained as the management firm, according to Oakley Group.