Hendricks & Partners Negotiates Sale of The Belmont Apartments in Montgomery for $18,250,000

BIRMINGHAM, Ala. --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of The Belmont Apartments, a 468-unit apartment community located in Montgomery, Ala. for $18.25 million. David Oakley, Senior Investment Advisor of Hendricks & Partners Alabama office negotiated the sale representing the seller, M-III Montgomery, LLC, a Delaware limited liability company, based in Leawood, Ks. The Belmont has a total of 392,104 square feet of rentable living space with one, two and three bedroom apartments. Phase one with 272 units was built in 1988 and phases two and three were completed by 1996 totaling another 196 units. The buyer was CRESOF Belmont, LLC, a Delaware limited liability company, based out of Chicago, Ill.