Jared Irby, founder and president of Mobile-based Irby Group, recently announced his company’s acquisition of 93 residential homes in West Mobile for $4.8 million. The lion’s share of properties is peppered throughout several neighborhoods found between Moffat Road and Airport Boulevard, with the grouping centered around the University of South Alabama’s main campus.
Irby Capital Management, a division of Irby Group, raised a substantial chunk of money from local private investors, with the remainder bridged with the assistance of 22nd State Bank in downtown Mobile.
“22nd State Bank was honored to participate in a transaction of the size and scope that Mr. Irby has undertaken,” Preston Reader, senior vice-president and commercial officer with 22nd State Bank, said. “The complexity of purchasing 93 individual houses in a single acquisition is no small task, with a lot of moving parts all working together to get this project to the finish line.”
“Seventy percent of the properties are Section 8 housing built between the 1950s to the 1980s,” Irby said. “Most of the homes are three-bedroom, one-bath models and have a footprint of about 1,300 square feet. Average rent will run around $750 a month. Our Irby Property Management division will handle rental inquiries for housing.”
He went on to say 10 of the homes in the portfolio will require extensive renovations, while the rest are fairly close to being move-in ready. Over the next two years, Irby also will invest around $250,000 in maintenance and upkeep of the rental properties.
“This is probably one of the larger residential acquisitions of its kind in Mobile County in recent memory. I really think that there is a need for more quality, affordable housing options locally,” Irby said.
More information about the properties can be found at irbyhomebuyers.com.
BUSINESS MOVES, TRANSACTIONS
Local speculators recently purchased approximately 34 acres (33.66) near the southwest corner of Highway 181 and Bay Meadows Avenue in Fairhope for $1.375 million, which will be used for home construction, according to Niki Coker with NAI Mobile, who brokered the transaction. The new, single-family residential development will include 76 lots built with homes designed by Breland Homes Coastal.
NAI Mobile is also currently looking for additional land for sale in the Fairhope, Daphne, Spanish Fort, Foley and Gulf Shores areas, ranging from 10 to 60 acres. Those with information can contact Coker at [email protected].
A new lease has been signed for another ABC Select Spirits retailer to open up in the Shoppes of Midtown located at 1500 Government Street, across the street from the Midtown Winn-Dixie grocer. The package store will fill out some 3,400 square feet of floor space next door to Dollar Tree. John Vallas represented both the tenant and the landlord in the transaction. The center is currently managed by Joey McCullough at McCullough Realty.
An out-of-town investor has purchased a 428,813-square-foot industrial/warehouse facility located on 46 acres at 57 Chambers Street in Frisco City. The site was formerly occupied by Standard Furniture Manufacturing Company and sold for $1.6 million. Nathan Handmacher of Stirling Properties represented the seller in the transaction.
Jay O’Brien with J. L. O’Brien & Associates Inc. recently reported the sale of an acre of land located at 15947 State Highway 59 in Foley for $100,000. The site was acquired by a metal-storage building business situated next door with plans on expansion sometime this year.
In an update, Lafayette Land Company announced it has completed renovation on two large, two-bedroom, two-bath luxury apartments and a garden addition to Iron Hand Brewpub at the historic, fully restored 1927 Hunter Baptist Church at 204 & 206 State Street in the De Tonti Square Historic District, one block from the new Federal Courthouse.
Leasing at $1,950 per month, one space was leased within four days after work completed. The other space is still available. Both units are entered by a separate entrance off of the ground floor, common lobby near the brewpub entrance.
“These two-bedroom luxury apartments were built to exemplify the quality and size that will be available at the coming St. Louis Street Place, a 38-unit luxury apartment complex soon to open across from the new Greer’s Fresh on St. Louis Street, which should be open before the end of the year,” the property development and management firm said in a prepared statement.
Leasing agents handling unit inquiries are Doric C. Isakson (251-423-1175) and Robert J. (Bobby) Isakson II (251-423-1165) with Lafayette Land Co.
LOCAL EMPLOYERS PARTICIPATE IN SPACEX SPLASHDOWN
USA Health University Hospital, the upper Gulf Coast region’s only Level I trauma and burn center, was selected by NASA as a designated hospital care facility sitting on standby for the SpaceX splashdown on Saturday, Aug. 2, sloshing into the Gulf of Mexico 30 miles away from Pensacola beaches.
“We are glad our services were not needed by the NASA/SpaceX team for this space mission,” Owen Bailey, CEO of USA Health, said in a prepared statement. “Our team of highly trained and specialized care providers stood by the ready, should they have been needed, as we do every day for the people of our region.”
Additionally, the recovery ship GO Navigator, which met and hoisted the Crew Dragon Endeavor capsule onboard for transport, was built by family-owned Master Boast Builders based in Coden.
An unincorporated community found in South Mobile County, Coden is located near local fishing, shrimping and seafood-processing hub, Bayou La Batre.
“I am so proud of the fact that Master Boat Builders in Coden is playing a key role in history, with the recovery of the Space X mission today. GO Navigator was built by the Rice family/Master Boat Builders in 2010,” Mobile County Commissioner Jerry Carl said in a social media post, as first reported online by Yellowhammer News.
GO Navigator joined SpaceX’s recovery fleet two years ago and was upgraded to meet advanced mission needs. The vessel is now equipped with a medical treatment facility and helipad for emergency situations.
Its sister ship, GO Searcher, was also built by Master Boat Builders. The vessels typically work in tandem on SpaceX recovery missions.
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