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Varden Capital, Tellus Development Acquire 147-Unit Apt. Tower on Ryan Park

Mobile Apartment Complex Sells for $7.5 Million
January 31, 2018
Varden Capital Properties, along with Tellus Development, LTD., acquired the 147-unit Tower on Ryan Park in Mobile, AL for $7.5 million, or approximately $51,000 per unit.

Tower on Ryan Park delivered in 1950 at 758 Saint Michael St. The apartment complex, managed by Multifamily Management, Inc., comprises one- and two-bedroom units ranging from 440 to 1,463 square feet. The 11-story building was more than 80 percent occupied at the time of sale, according to CoStar data.

The seller, Montap Investments, previously acquired the multifamily asset in 2009 for $4.5 million.

Craig Hey, director of Cushman & Wakefield, said, “Mobile is following suit after other top Southeastern cities with the emergence of its Downtown and historic districts. A wave of new restaurants, nightlife, and capital are coming to the area, and the next owners want to capitalize on the demand influx through renovation of unit interiors and amenities.”

Hey, along with Jimmy Adams also with Cushman & Wakefield, represented the seller.

Please see CoStar COMPS #4114500 for more information on this transaction.
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