Hendricks & Partners Negotiates Record $26.5 Million Price in Sale of Watermark at EastChase Apartments in Montgomery, Ala.

BIRMINGHAM, Ala. --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently closed on the sale of Watermark at EastChase, a 272-unit apartment community located in Montgomery, Ala. The price---$25.6 million or $91 per square foot---is a record for a multi-family property in the Montgomery market, according to David Oakley, senior investment advisor of Hendricks & Partners Alabama office. Oakley negotiated the transaction with Tim McKay of Hendricks & Partners in Oklahoma City and Aaron Hargrove of Hendricks & Partners in Tulsa. The three brokers represented the seller, Watermark at Eastchase, LLC, an Indiana limited liability company based in Terre Haute, Ind. Built in 2011, Watermark at EastChase totals 282,636 square feet of rentable living space with one, two and three bedroom apartments. The property is located approximately 10 miles east of downtown Montgomery, just west of Chantilly Parkway. The site is bordered by a lake and several acres of unspoiled forest, offering natural views from many of the apartment homes. The buyer, Montgomery-based Broadstreet at Eastchase Apartments, LLC, assumed an existing HUD 221 (d)(4) mortgage with an all in rate of 5.75 percent. Oakley, who recently negotiated the $18.25 million sale of the 468-unit Belmont Apartments, said recent transactions point to a resurgence in the Montgomery market. “Investors are looking at the Montgomery market with new respect,” Oakley said. Foshee Management Company, also based in Montgomery, has been named exclusive property management representative at Watermark at EastChase.