Hoover, Ala. (March 6, 2019) – Berkadia announces it has arranged $16.763 million in acquisition financing for Renaissance at Galleria, a 244-unit apartment community in Hoover, Alabama. Senior Managing Director Charles Foschini, Senior Managing Director Mitch Sinberg, Managing Director Chris Apone and Associate Director Matthew Robbins from Berkadia’s South Florida office arranged the acquisition loan on behalf of the buyer, MAG Renaissance, LLC, a real estate investment firm based in West Palm Beach, Florida. The property was 94.3 percent occupied at time of sale.
Fannie Mae is the designated lender providing a fixed-rate loan over a 12-year term with 5 years interest only.
“The Greater Birmingham employment market is seeing a healthy push from several automobile manufacturers calling Alabama home,” said Foschini. “Large-scale investments like those from Mercedes-Benz and MollerTech have supported the area’s multifamily community, where rising demand is expected to increase apartment occupancy by 10 basis points.”
“We are excited about another acquisition within this Birmingham submarket that we feel, to a certain degree, has been overlooked and underestimated,” added Jeremy S. Myers, President of Myers Apartment Group. “Between Hoover’s highly sought after school system, proven value-add performances, and limitations on new residential development, we are poised to reap the benefits of this recipe for success.”
Built in 1994, Renaissance at Galleria is comprised of sixteen residential buildings. One-, two-, and three-bedroom units include 9-foot ceilings, walk-in closets, and fully equipped kitchens. The community comes with a range of amenities such as a pool with lounge seating, a 24-hour fitness studio, and a business center.
Situated at 3800 Galleria Woods Drive, Renaissance at Galleria’s location is ranked as the fourth best place to live in Alabama. The neighborhood is recognized for its top 5 state-ranked school system and affluent demographics. Featuring 71 fully renovated units, the community sits off the frequented John Hawkins Parkway, providing easy access to over 10,000 jobs and nearly 3 million square feet of retail found in Hoover. The asset is also in close proximity to a large number of shops such as Walmart, Publix, and The Home Depot, among others.