Two Madison County apartments sell for $7.85 million

Mountain Lodge

Mountain Lodge, a 48-unit community located in Madison, was one of two properties sold recently in a deal totaling $7.85 million.

Two apartment complexes in Madison County recently sold for a combined $7.85 million.

Newmark Knight Frank Multifamily said Highland, a 163-unit community located in Huntsville, and Mountain Lodge, a 48-unit complex in Madison, were acquired by Freeman Webb Companies of Nashville.

Senior Managing Directors Bo Flurry and Justin Uffinger of the firm’s Birmingham office represented the seller, Warren Properties of Rancho Santa Fe, Calif., in the transaction.

Freeman Webb plans to renovate both properties, which were 96 percent and 100 percent occupied, respectively, at the time of sale.

“The Huntsville market is on fire, as evidenced by 25,000 jobs projected to be created by 2023," Flurry said. "This growth has created a surge of new multifamily investors to the market with few investment opportunities. Highland and Mountain Lodge received strong interest through the marketing process.”

Constructed in 1974, Highland offers a mix of studios and one- and two-bedroom floorplans. Built in 1978, Mountain Lodge offers one- and two-bedroom units averaging 796 square feet.

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