HUNTSVILLE – A pair of Huntsville apartment complexes, The Windsor Apartments and Cambridge Court, were sold for a combined price of $17.5 million to Miami-based investors Mayfair and Navarino. It is the Florida corporation’s first venture into Huntsville.
Both properties were owned by 3MC Partners and Penn Capital Group; Nashville-based Kirkland Company brokered the sale.
According to Eric Hardesty with Kirkland, The Windsor Apartments is a reconverted hotel on Independence Drive, just off University Drive. It was gutted and renovated into studio, one-bedroom and two-bedroom apartments. They re-opened in January as The Windsor at University but under the new ownership will go by the shorter name.
The 64-unit Cambridge Court complex, off South Memorial Parkway at Lenox Lane, is also studio, one- and two-bedroom apartments.
“Windsor and Cambridge are a perfect pairing for our entry into the Huntsville market,” said Jonathan More of Mayfair. “We have been attracted to Huntsville for a few years’ time.
“The job demand drivers, high levels of intellectual capital, wonderful lifestyle and general affordability are exactly what we seek in investment markets. We are keen to grow our local portfolio vastly in the next 12 months and hope to find opportunities to put our capital to work.”
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