Berkadia Brokers $6.4M Sale of Two Multifamily Communities in Northeast Alabama

GADSDEN, ALA. — Berkadia has brokered the $6.4 million sale of two multifamily communities in Gadsden: Pine Ridge and Williamsburg. David Wilson and David Oakley of Berkadia arranged the transaction on behalf of the seller, an affiliate of Strategic Diversified Management Inc., which is based in California. Birmingham-based Abaco Partners LLC acquired the assets. Pine Ridge, a 112-unit community constructed in 1979, offers a mix of one- to three-bedroom units ranging in size from 680 to 1,160 square feet. Williamsburg, constructed in 1973, offers 60 two-bedroom townhomes averaging 1,200 square feet. Over 70 percent of the unit interiors at Williamsburg were renovated in the 18 months prior to the sale. Both properties feature swimming pools and on-site management.