BIRMINGHAM, AL— Matthews™, a commercial real estate investment services and technology firm, facilitated the sale of Governor’s Parc Apartments located at 3800 Governors Dr in Montgomery, Alabama. Matthews™ Senior Vice President Caleb Frizzell represented the seller in the transaction, which marked the highest sale price for a multifamily property in the Outer South/Airport submarket within the last two years.

 

Situated north of Highway 80, the 228-unit property consists of one-, two-, and three-bedroom apartments across 219,496 square feet. Originally built in 1971, the community underwent an extensive $6.5 million value-add renovation in 2022, including new roofs, windows, mechanical systems, parking lot improvements, and exterior and interior upgrades. Average in-place rents are approximately $810 per unit, providing additional runway for continued income growth as the renovated units season and renew at higher rates.

 

The seller engaged Matthews™ to bring the asset to market to capitalize on strong investor demand for renovated multifamily product and reposition capital for future acquisitions. Through targeted marketing outreach, Matthews™ sourced a Washington-based buyer looking to expand their existing Alabama multifamily portfolio. The property went under contract during the final phase of its post-renovation lease-up, and the Matthews™ agent worked closely with ownership and onsite management to align leasing progress with underwriting and financing milestones through closing.

 

“It was a pleasure working with all parties involved to bring this transaction to a successful close. Both the seller and purchaser demonstrated patience and persistence, overcoming several hurdles along the way,” Frizzell said. “The sellers completed a high-quality and thorough rehabilitation project across Governor’s Parc, and it should serve as an example for other operators in the market. I look forward to facilitating further investment in the Montgomery market, from new and existing owners alike.”

 

The buyer was motivated by the opportunity to acquire a fully renovated, stabilized asset at a compelling cost basis and plans to hold the community long term.

 

For more information, please contact Caleb Frizzell or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.