DENVER and BIRMINGHAM, Ala. – October 15, 2019 – Berkadia announced today the $39.45 million in combined sales for two garden-style multifamily properties in Alabama. Senior Managing Director David Oakley, Senior Director David Wilson and Associate Directors Caleb Frizzell and Jay Briley all of Berkadia’s Birmingham, Alabama office completed both sales on behalf of their respective sellers.
The Park at Alloa, a 270-unit property in Birmingham, Alabama was sold to Utah-based Peak Capital Partners and the deal closed on October 3. Berkadia completed the $21 million sale on behalf of Florida-based Blue Magma Residential. Managing Director Matt Schildwachter of Berkadia’s Denver office also secured financing for the acquisition of this property. Located at 701 Crest Valley Way, The Park at Alloa affords convenient access to the shops and restaurants along Crestwood Boulevard and the popular Avondale Entertainment District.
“The Park at Alloa is another strong indicator of the growth happening in the Crestwood submarket. It will become the most recent of several nearby properties to undergo significant renovation,” said Frizzell. “An influx of new product downtown has led to higher rent growth and an increase in investment in the Crestwood area. Given the proximity to both Avondale and Mountain Brook, we anticipate this trend to continue in the submarkets East of downtown.”
Steeple Crest, a 200-unit property in Phenix City, Alabama, was sold to Texas-based Pillar Income Asset Management, and the transaction closed October 4. Pillar assumed the existing HUD loan. The same Berkadia team completed this $17.95 million sale on behalf of the original owner-developer of the property. The price represented the second highest price ever achieved for a property in Phenix City, with the highest price being another Berkadia-brokered sale in 2018.
Located at 5001 River Chase Drive, Steeple Crest lies just across the Chattahoochee River from Columbus, in one of the highest income areas of the metro and within close proximity of both a hospital and downtown Columbus.
“Steeple Crest was one of the most well-constructed properties we’ve encountered, with a lot of unique steel framing and custom features,” said Wilson. “The property offers a highly desirable location across from the Columbus market’s highest rent apartment community. It is a high-performing property with great bones.”