Two apartment complexes sold for $27.1 million

Multi Housing Advisors (MHA) has brokered the $27.1 million sale of two apartment communities in Pensacola.

Totaling 392 units, the properties include Arbor Club Apartments and Ashley Club Apartments. ApexOne purchased the assets from Greystone and plans to make capital improvements to the two properties. Both communities had 50 percent of their unit interiors upgraded by the seller prior to the sale. Jimmy Adams of MHA’s Birmingham, Ala., office represented Greystone in the transaction.