BIRMINGHAM, Ala. – November 27, 2017 – Berkadia today announced the $49.1 million sale of The Grand Reserve at Pike Road Apartments, a garden-style multifamily property in the Town of Pike Road, Alabama, a rapidly growing town east of Montgomery. Senior Director David Wilson and Managing Director David Oakley, both of the Birmingham office, completed the off-market sale on behalf of the buyer, EBSCO Stone Park, LLC, an entity of EBSCO Industries, Inc. and an Alabama-based company with a long track record of apartment ownership in the Montgomery and Southeast markets. The sale closed on November 15 at $130,585 per unit.
“This high-quality Class A property is one of the top apartment communities in the Montgomery market and boasts one of the largest fitness and clubhouse facilities in the state,” said Wilson. “The transaction was consummated in an extraordinarily compressed timeline of 54 days, and all those involved in the deal worked very efficiently to achieve the quick close.”
Built in 2013, the property features 376 one-, two- and three-bedroom units with an average unit size of 1,416 square feet. The units are very well appointed with granite countertops in the kitchens and baths, custom cabinetry and ceramic tile flooring. Residents can enjoy the property’s fitness center, pool, playground, media center, pet play area, clubhouse and lake access. Located at 160 Stone Park Blvd., the property is situated along the Interstate 85 corridor within 15 minutes of downtown Montgomery.
The Grand Reserve at Pike Road was developed by Steve Corbett and Juston Trimback of Phenix City, Alabama who also own apartment communities in Alabama, Georgia, Tennessee and Florida. This transaction represented their first sale of an apartment property.
Berkadia’s Alabama office brokered two additional Class A apartment transactions that closed in September 2017 in Montgomery, including the 332-unit Verandas at Mitylene and the 332-unit Verandas at Taylor Oaks Apartments.