The Park at Hoover

Berkadia Brokers $100.8M Sale of The Park at Hoover Apartment Community in Metro Birmingham

by Julia Sanders

HOOVER, ALA. — Berkadia has brokered the $100.8 million sale of The Park at Hoover, a 1,060-unit, garden-style apartment community in suburban Birmingham. The Class B complex is the largest apartment community in Alabama, according to Berkadia.

The buyer, Miami-based Westside Capital Group, split the acquisition into two separate transactions and financed each with floating-rate debt. David Oakley, David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia’s Birmingham office arranged the sale on behalf of the undisclosed seller. Charles Foschini and Chris Apone of Berkadia’s Miami office arranged two 10-year Freddie Mac loans on behalf of Westside Capital totaling $75.6 million.

The 920-unit Phase I of The Park is located in Hoover and was built in 1988, while the newer 140-unit Phase II was built in 1996 and is located in unincorporated Jefferson County. Community amenities include four swimming pools, a large fitness center, four tennis courts, sports court, dog park, playground and a 6,685-square-foot clubhouse.

Westside Capital plans to renovate the apartment community to improve its walkability and rebrand the complex into three separate properties. The buyer also plans to explore potential development opportunities on the 101-acre site. Westside Capital’s property management arm WS Living will operate the property moving forward.

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