West Mobile Apartment Complex Sold

MOBILE, Ala. — Park West, a 278-unit apartment property off Hillcrest Road in Mobile, was acquired by Morrison Avenue Capital Partners, a Tampa-based investment group, for $30.75 million, AL.com reported. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Two Waters Capital, an Atlanta-based real estate investment firm. The new owners plan to invest in interior upgrades and improvements to common areas and property operations. Park West was built in 1977 and was 90% leased at the time of sale. The multifamily property features units averaging 846 ft2, and has two resort-style swimming pools, a 24-hour fitness center, a courtyard picnic and barbecue pavilion, and onsite management.