CORE Pacific Advisors LLC, an investment advisory firm and sponsor of non-traded alternative investment offerings, has purchased Barrington Place at Somerset Apartments, a 376-unit multifamily property located in Montgomery, Alabama, for $46.8 million. The property was purchased for CPA Barrington Apartments DST, a Delaware statutory trust offering.
“Recently, an off-market opportunity presented itself in Montgomery, Alabama through a long-standing and valued relationship with Will Mathews’ multifamily team at Colliers,” says Nels Billsten, senior vice president of acquisitions and dispositions at CORE Realty Holdings Management Inc. “The property was built by Dubose Corporation, one of the largest construction and development companies in the region.”
Built in 2004, Barrington Place offers a mix of one-, two-, and three-bedroom units that range from 798 to 1,577 square feet. Community amenities include two swimming pools, two fitness centers, a dog park, theater room, and a car care center. Unit amenities including a fully-equipped kitchen, washer and dryer, fireplace, and patio or balcony.
CORE Pacific Advisors has engaged CM Pacific Capital LLC for the marketing and distribution of all investment interests in CPA Barrington Apartments DST. CM Pacific Capital offers a platform of DST investment options for its advisors and their clients, which currently include student housing, multifamily, industrial, healthcare, self-storage, and opportunity zone offerings.