Executive Summary
Berkadia is excited to offer the exclusive opportunity to acquire The AL & MS REO Portfolio (“The Portfolio”). This distinctive multifamily portfolio consists of four properties totaling 757 units, located across three markets in Alabama and Mississippi, and built between 1963 and 1976. Previously owned by an absentee owner, these garden-style apartments present a rare, heavy value-add opportunity to revitalize assets that have historically excelled in their respective markets.
Due to previous ownership oversight and lack of professional management, occupancy has dropped to 25% from a historical average of 94%. This portfolio allows for immediate scale in three desirable Southeast markets without the usual time investment required to build such a portfolio. With an average occupancy of 25%, there is significant upside potential through improved operations, management, and addressing deferred maintenance. By curing deferred maintenance, these properties can better compete in the market, where direct competitors are achieving occupancy rates of 95% or higher with materially higher rents.
Each property is entirely unencumbered, free of debt and tax liens, and available for purchase either as a complete package or individually. As workforce housing, The AL & MS REO Portfolio offers investors a lucrative opportunity to acquire four distressed assets at an exceptionally low basis across three strong rental markets.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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ST. LOUIS OFFICE
101 South Hanley Road
Suite 550
St. Louis, MO 63105
Investment Advisors:
AL&MS Properties
Christopher Ellis
Senior Managing Director
303.689.8317
christopher.ellis@berkadia.com
Patrick Jordan
Managing Director
901.425.1828
patrick.jordan@berkadia.com
JUDY MACMANUS
Senior Director
404.654.2074
judy.macmanus@berkadia.com
GREGG CORDARO
Managing Director
225.922.4587
gregg.cordaro@berkadia.com
ANDREA KENDRICK
Managing Director 314.984.5591 andrea.kendrick@berkadia.com
BOBBY MILLS
Senior Director
314.984.5505 bobby.mills@berkadia.com
KEN ASTON
Managing Director 314.984.5590 ken.aston@berkadia.com
Contact Us
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AL & MS REO
THE
PORTFOLIO
4
757
Properties
Units
DISTRESSED MULTIFAMILY OPPORTUNITY ACROSS TWO STATES
Highlights
Heavy value-add opportunity with immediate and substantial upside potential
All properties 100% unencumbered and offered free and clear
3 strong rental markets
Available for purchase as a package or individually
Properties
Alabama
city
state
total units
Occupancy
Barrington Park Manchester Park Chateau Glen Oaks
Mobile Mobile Birmingham
Alabama Alabama Alabama
130 139 230
27% 27% 22%
Year Built
1974 1963 1973
Total
499
MISSISSIPPI
city
state
total units
Occupancy
Year Built
Southwind and Woodland Town
Total
258
Biloxi
Mississippi
258
28%
1976
Total for properties
757
Community Amenities
Outdoor Sparkling Swimming Pool with Sundeck
Office / Clubhouse
Laundry Facility
On-Site Management and Maintenance
24-Hour Emergency Maintenance
Covered Community Mailbox Area
Plenty of Convenient, On-Site Parking
Beautifully Landscaped with Manicured Grass, Young Trees, Trimmed Shrubs, and Plants
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Flexible Rental Payments with Flex
Within Walking Distance of Joe A Bailey Park with Tennis Courts, Walking Trail, Playground, Pavilion, and Dog Park
Close to Public Transportation (The Wave Transit Bus Line), Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to Interstate 65, State Route 56, U.S. Highway 90, University of South Alabama, and Downtown Mobile
Amenities
442 Cottage Hill Rd | Mobile, AL 36606
Barrington Park Apartments
Manchester Park
Chateau Glen Oaks
Barrington Park Apartments
B/C
130
garden-style
Brookwood
5 miles SW of Downtown Mobile
nestled in a wooded residential area along Cottage Hill Rd and south of Airport Blvd / SR 56
1974
5 (plus a leasing office / clubhouse)
2010
Class:
Property Information
# of total units:
Style:
Neighborhood:
Distance from Downtown:
Location:
Year built:
Year renovated:
# of total buildings:
two and three story
# of stories/floors in each building:
frame
Building materials:
stucco and decorative shutters
Exterior building materials:
mansard-style flat roofs with shingled overhangs
Roof type:
Unit Amenities
Spacious Apartment and Two-Level Townhome Floor Plans
Renovated Units are Beautifully Appointed with New Hardwood-Style Flooring, Appliances, Cabinetry, Laminate Countertops, Lighting / Plumbing Fixtures, Six-Panel Doors, Two-Inch Blinds, and Updated Bathrooms
Fully Equipped Kitchen with Electric Stove, Refrigerator, Dishwasher, Built-In Microwave, Double Basin Sink, Dining Area, and Plenty of Cabinet and Counter Space
Plush Carpeting, Lighted Ceiling Fans, and Mini / Vertical Blinds
Full Size Bathroom with Tub and Shower Combination
Large Closets and Windows and Private / Semi-Private Entry
Private Patio / Balcony with Sliding Glass Doors
Select Units Feature Washer and Dryer Connections
Townhome Floor Plans Include Pantry, Downstairs Powder Room, Walk-In Shower, and Additional Storage
Air Conditioning / Heating, Cable TV Ready, and High-Speed Internet Access
Acres of land:
Density:
Pets allowed:
Major street exposure:
Views:
5.60 acres
23.21 units per acre
yes
Cottage Hill Road
Eslava Creek
24 one-bedroom units measuring 637 square feet each
96 two-bedroom units measuring between 959 and 978 square feet
10 three-bedroom units measuring 1,472 square feet each
Average unit size of 946 square feet
UNIT MIX
Community Amenities
Two Sparkling Outdoor Swimming Pool with Sundeck
New Orleans-Style Courtyards
Community Room
Business Center
Picnic and Grilling Area
Two, 24-Hour Laundry Facilities
Professional Friendly Staff
On-Site Management and Maintenance
24-Hour Emergency Maintenance
Community Mailbox Area
Preferred Employer Program
Plenty of Convenient, On-Site Parking
Beautifully Landscaped with Manicured Grass, Mature Trees, Palm Trees, Trimmed Shrubs, and Plants
Online Resident Portal / Smartphone Application with Rent and Maintenance Request Acceptance
Flexible Rental Payments with Flex
On the TWTS Bus Line with a Stop in Front of the Property
Within Walking Distance of Lyons Park with Walking Trail, Tennis Center, and Pavilions
Close to Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to Interstates 65 and 165, U.S. Highway 98 / State Route 42, USA Medical Center, University of South Alabama, University of Mobile, and Downtown Mobile
Unit Amenities
Spacious Floor Plans
Renovated Units are Beautifull Appointed with New Wide-Pank Harwood-Style Flooring, Cabinetry, Laminate Countertops, lighting / Plumbing Fixtures, Black Appliances, Six-Panel Doors, Two-Inch Blinds, and Updated Bathroom(s)
Fully Equipped Kitchen with Electric Stove, Refrigerator, Dishwasher, Built-In Microwave, Dining Area, and Plenty of Cabinet and Counter Space
Full Size Bathroom with Tub and Shower Combination
Large Closets
Plush Bedroom Carpeting, Exposed Brick Accent Walls, Lighted Ceiling Fans, and Two-Tone Paint
Select Units Feature an Additional Half Bath and Courtyard Views
Air Conditioning / Heating, Cable TV Ready, and High-Speed Internet Access
Amenities
1621 Spring Hill Ave | Mobile, AL 36604
Manchester Park Apartments
65 one-bedroom units measuring 529 square feet each
62 two-bedroom units measuring between 700 and 820 square feet
12 three-bedroom units measuring 1,055 square feet each
Average unit size of 690 square feet
UNIT MIX
B/C
139
garden-style
Lyons Park and Old Dauphin Way Historic District
2 miles west of Downtown Mobile
in a wooded residential area south on U.S. Highway 98 / U.S. Route 42, near the Mobile Infirmary
2021
2 - rectangular shaped buildings with interior courtyards
1963
Class:
Property Information
# of total units:
Style:
Neighborhood:
Distance from Downtown:
Location:
Year Renovated:
Year built:
# of total buildings:
two story
# of stories/floors in each building:
masonry
5.10 acres
27.06 units per acre
yes
Springhill Avenue / U.S. Route 42 / U.S. Route 98
Building materials:
brick
Exterior building materials:
pitched roofs with composition shingles
Roof type:
Acres of land:
Density:
Pets allowed:
Major street exposure:
Community Amenities Sparkling, Outdoor Swimming Pool with Expansive Sundeck
Laundry Facility
Mail Room
On-Site Management and Maintenance
24-Hour Emergency Maintenance
Plenty of Convenient, On-Site Parking
Beautifully Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Plants
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Flexible Rental Payments with Flex
Close to Public Transportation (BJCTA Bus Line), Parks, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to Interstate 20, U.S. Highway 11, Downtown Birmingham, and University of Alabama at Birmingham
Unit Amenities Unique Floor Plans
Fully Equipped Kitchen with Electric Stove, Refrigerator, Dishwasher, Disposal, Double Basin Sink, Dining Area, and Plenty of Cabinet and Counter Space
Two-Tone Paint, Tile Flooring, Plush Carpeting, and Mini Blinds
Full Size Bathroom with Tiled Tub and Shower Combination
Large French Windows Allowing in Abundant Natural Light
Spacious Closets and Private / Semi-Private Entry
Private Patio / Balcony
Select Units Feature Pantry, Walk-In Closets, Washer and Dryer Connections, and Powder Room
Air Conditioning / Heating, Cable and Wi-Fi Ready, and High-Speed Internet Access
Amenities
408 Fairfax Dr | Birmingham, AL 35064
Chateau Glen Oaks Apartments
51 one-bedroom units measuring 555 square feet each
161 two-bedroom units measuring between 888 and 945 square feet
18 three-bedroom units measuring between 1,035 and 1,198 square feet each
Average unit size of 849 square feet
UNIT MIX
B/C
230
garden-style
9 miles SW of Downtown Birmingham
nestled in residential area along Milstead Road between Interstate 20 and U.S. Highway 11
1973
17
Class:
Property Information
# of total units:
Style:
Distance from Downtown:
Location:
Year built:
# of total buildings:
two story
# of stories/floors in each building:
frame
14.73acres
15.61 units per acre
yes
Milstead Road
Building materials:
brick and decorative shutters
Exterior building materials:
pitched roofs with composition shingles
Roof type:
Acres of land:
Density:
Pets allowed:
Major street exposure:
Community Amenities
Great Location – Just Two Blocks from Mississippi Gulf Coast Beaches
Sparkling, Outdoor Swimming Pool with Expansive Sundeck (one at each site per maps)
Clubhouse
Two, On-Site Laundry Facilities
On-Site Management and Maintenance
24-Hour Emergency Maintenance
Outdoor Community Mailbox Area
Package Receiving
Plenty of Convenient, On-Site Parking
Beautifully Landscaped with Manicured Grass, Mature Trees, Palm Trees, Trimmed Shrubs, and Flowering Plants
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Flexible Rental Payments with Flex
Close to Beaches, Parks, Ocean. Lakes, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to Interstate 110, U.S. Highway 90, Biloxi Transit Center, Keesler Air Force Base, and Gulfport-Biloxi International Airport
Unit Amenities
Unique and Spacious Floor Plans
Fully Equipped Kitchen with Electric Stove, Refrigerator, Dishwasher, Disposal, Double Basin Sink, Dining Area, and Plenty of Cabinet and Counter Space
Two-Tone Paint, Hardwood-Style / Ceramic Tile Flooring, Plush Carpeting, Ceiling Fans, and Mini Blinds
Full Size Bathroom with Tub and Shower Combination
Lots of Windows Providing Abundant Natural Light
Walk-In Closets and Semi-Private Entry
Select Units Feature Loft Bedroom, Vaulted Ceiling, Pantry, Breakfast Bar, Downstairs Powder Room, Private Porch Area / Patio, and Ramp Entry
Air Conditioning / Heating, Cable Ready, Satellite TV Available, and High-Speed Internet Access
Amenities
1655 Irish Hill Dr and 1667 Irish Hill Dr | Biloxi, MS 39531
Woodland Townhomes and Southwind Apartments
COMBINED
56 one-bedroom units measuring between 700 and 800 square feet
182 two-bedroom units measuring between 900 and 1,072 square feet
Average unit size of 943 square feet
Unit Mix
B/C
258
garden-style
3 miles west of city’s center (Biloxi) and 10 miles NE of Downtown Gulfport
along Irish Hill Dr near Rodenberg Ave and just north of the Mississippi Gulf Coast and Beach Blvd / U.S. Highway 20
1976
46 (Woodland Town-20 and Southwind-26 (plus a clubhouse and office)
2021
Class:
Property Information
# of total units:
Style:
Distance from Downtown:
Location:
Year built:
Year renovated:
# of total buildings:
two-story
# of stories/floors in each building:
Wood-Frame
5.11
23.21 units per acre
yes
Mississippi Gulf Coast
Building materials:
brick and siding
Exterior building materials:
Pitched with Shingles (Southwind) and Flat Roofs (Woodland Town)
Roof type:
Acres of land:
Density:
Pets allowed:
Views:
Southwind and woodland town
Woodland Townhomes
24 one-bedroom units measuring 800 square feet each
82 two-bedroom units measuring 1,072 square feet each
Average unit size of 1,010 square feet
Southwind Apartments
40 one-bedroom units measuring 700 square feet each
100 two-bedroom units measuring between 900 and 1,000 square feet
Average unit size of 891 square feet
MS PROPERTIES
JOHN MCCRARY
Director
205.403.5538
john.mccrary@berkadia.com
AL PROPERTIES
Birmingham Office
2204 Lakeshore Drive
Suite 120
Birmingham, AL 35209
THE PROPERTies
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Executive Summary
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