Newmark is pleased to present Bay Towne, a 228-unit garden style apartment community located in Mobile, AL. Built in 1976, Bay Towne offers significant near-term upside through asset stabilization and a clear opportunity to capture mark-to-market rent growth. Trailing its peers by 3049 on average, Bay Towne features 81 deluxe units currently achieving a $132 rent premium over the classic units. Bay Towne presents a compelling opportunity to drive enhanced cash flow through occupancy stabilization to the submarket average of 93% and continued mark-to-market rent growth. Reaching an average rent of $831 would represent a $155 premium to current in-place rents while still positioning the property as the most affordable option within the submarket. Through operational normalization and disciplined rent growth, a new owner has the potential to increase annual income by more than $680K.