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Elevate Grande Pointe Sells for $11.5M in Daphne

LMS Acquires 180-Unit Apt. Complex
March 2, 2018
Birmingham-based LMS Real Estate Investment Management acquired the 180-unit Elevate Grande Pointe apartment complex in Daphne, AL from a private investor for $11.5 million, or approximately $64,000 per unit.

The 95 percent leased, garden-style community at 133 Lake Front Dr. comprises one- and two-bedroom units ranging from 690 to 1,210 square feet in 45, two-story buildings.

Craig Hey, director, and Jimmy Adams, managing director, of Cushman & Wakefield represented the seller.

“The eastern shore of Mobile is continuing to draw attention to investors, with Baldwin County being the state’s fastest growing county in 2017. Daphne itself is one of the metro’s most desirable suburbs, which will continue to attract a quality resident base for Grande Pointe,” said Hey.

For more information regarding this transaction, please refer to CoStar COMPS #4125942.
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