Verandas at Mitylene

About Verandas at Mitylene

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Verandas at Mitylene, a 332-unit apartment community located in Montgomery, AL. Strategically located just minutes from I-85 (51K VPD) and Atlanta Highway (19K VPD), the property provides residents with convenient access to major employment centers, retail corridors, and a wide array of dining and entertainment options within Montgomery’s strong, government- and manufacturing-driven economy, as the metro continues to experience significant capital investment and growth. The property is highlighted by 97%+ trailing occupancy, with the latest five leases for each floor plan averaging rent increases of more than 5%. Built in 2007, the asset features a high-quality physical plant, with units that have been well maintained by the current ownership. Based on C&W analysis of a market backed value add campaign, direct comps indicate an additional $100/unit in rent upside. Verandas at Mitylene stands out from comparable properties with proven in-place rents and sustained occupancy, positioning it as a top performer within the submarket. The next investor stands to acquire a high-quality, well-maintained asset with strong in-place fundamentals and additional manufactured upside.