Greystone, a leading multifamily lender, facilitated the $28.219 million sale of Landmark Apartments, a 264-unit complex in Tuscaloosa, Alabama. The buyer, Elliott Mulkin, secured Freddie Mac financing for the acquisition.
Property Details
Landmark Apartments, constructed in 2007, serves as a stainless steel community offering one-, two-, and three-bedroom units. Residents enjoy premium amenities including a resort-style pool, yoga studio, state-of-the-art fitness center, business center, and an outdoor movie gathering space.
Financing and Transaction
The deal features a five-year interest-only period with a 30-year amortization schedule. Cushman & Wakefield brokers Andrew Brown and Craig Hey represented the buyer in this off-market transaction.
Market Strengths
Tuscaloosa anchors around the University of Alabama, drawing major student traffic alongside key industrial hubs like the Mercedes-Benz manufacturing plant. Elliott Mulkin highlighted the area’s robust fundamentals, stating, “Tuscaloosa and its three nearby markets benefit from major economic centers and dense population trends, delivering solid performance for this apartment complex.”
He added, “We are pleased to provide financing that fully supports the acquisition while establishing a foundation for the asset’s long-term success.”
Andrew Brown of Cushman & Wakefield noted, “The property’s scale, prime location, and value-add opportunities drew strong interest from investors.”
Greystone consistently ranks among top originators for FHA, Fannie Mae, and Freddie Mac multifamily loans nationwide, reflecting its expertise in the sector.
