Sale Closed on Village Crossing Apartment Homes
SVN | Southgate Realty, LLC recently closed the sale of Village Crossing Apartment Homes at 101 Nugget Court off 7th Street in Hattiesburg, Miss. This listing was on the market for a brief four days and received several offers before going under contract. Chamberlan Carothers, CCIM, CPM and Joshua Blackledge, CCIM were the listing brokers for the property.
Village Crossing Apartment Homes is a conveniently located community off Hwy 49 on the edge of The University of Southern Mississippi’s campus. The 32 units include ceramic tile flooring and ceiling fans. This community offers 2 bedroom, 1 full bath apartment homes. Each unit includes a washer/dryer, refrigerator, and dishwasher. Total square footage of the apartment property is 40,625.
The property closed at a 5.19% cap rate, which is reflective of the security investors have in multifamily properties and the Pine Belt economy in general.
“The SVN | Southgate Realty, LLC team was happy to expeditiously meet the needs of both the seller and buyer for this particular project,” said Chamberlan Carothers, CCIM, CPM of the transaction. “From the commercial real estate perspective, it is an indicator of a strong local economy to close a deal of this size in such a short amount of time.”
SVN | Southgate Realty, LLC will retain management of the property for the new owners.
SVN | Southgate Realty, LLC, looks to expand commercial real estate investment across the Gulf South, showcase available assets through their global brokerage reach, and increase value with best-in-class property and asset management.
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ABOUT SVN | SOUTHGATE REALTY, LLC
SVN | Southgate Realty, LLC, is a full-service commercial real estate firm specializing in asset management and investment brokerage. The SVN® brand is a globally recognized commercial real estate entity united by a shared vision of creating value for clients, colleagues and communities. Locally, SVN | Southgate Realty, LLC has a strong 40-year history of commercial real estate leadership in the Gulf South region.
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