REBusinessOnline

OG Capital Purchases Waterfront Multifamily Community Near Birmingham for $9.4M

RIVERSIDE, ALA. — An affiliate of OG Capital LLC, a Birmingham-based real estate investment firm, has purchased Riverbend Apartments, a 144-unit apartment community in Riverside. Built in 1980, the property sits about 40 miles east of Birmingham and overlooks the Coosa River and its Lake Logan Martin Reservoir. A Delaware-based entity doing business as OG Riverbend LLC purchased the property from a firm doing business as Riverbend Apartments Ltd. for $9.4 million.Located at 417 Riverbend …

Steadfast Apartment REIT Acquires Station at Town Madison Apartments in Huntsville

HUNTSVILLE, ALA. — Steadfast Apartment REIT has acquired The Station at Town Madison, a 274-unit apartment community located in Huntsville. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Tynes Development, in the transaction. The sales price was not disclosed.Built in 2020, Station at Town Madison is located off Interstate 565 and within the 563-acre Town Madison development, which features Toyota Field, home ballpark of the Huntsville’s Minor League …

Cushman & Wakefield Arranges Sales of Two Birmingham Apartment Communities Totaling $21.5M

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $21.5 million sale of two apartment communities in Birmingham totaling 289 units located. Andrew Brown, Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Arcan Capital, in the transaction. 3MC Capital Partners, a real estate private equity firm, acquired the properties.Valley Crest, which includes 176 units, sold for $13.3 million, and Park on Valley, which spans 113 units, sold for $8.2 …

Cushman & Wakefield Brokers $40.5M Sale of Barrington on the Green Apartments in Hoover, Alabama

HOOVER, ALA. — Cushman & Wakefield has brokered the $40.5 million sale of Barrington on the Green, a 342-unit apartment community located in the Birmingham suburb of Hoover at 5831 Summer Place Parkway. Jimmy Adams and Craig Hey of Cushman & Wakefield represented a private undisclosed seller in the transaction. The buyer, White Eagle, plans to rebrand the community as The Avenues of South Hoover.Constructed in 1996, Barrington on the Green’s community amenities include a pet …

W. P. Carey Purchases Industrial Property in Opelika, Alabama Leased to JOANN for $49M

OPELIKA, ALA. — W. P. Carey Inc., a New York City-based net lease REIT, has purchased an industrial property located at 3101 Anderson Road in Opelika for $49 million. W. P. Carey purchased the 703,000-square-foot, Class A logistics facility in a sale-leaseback transaction with JOANN, a sewing and fabrics retailer based in Hudson, Ohio. The property is triple-net-leased to JOANN for a period of 20 years, with fixed annual rent escalations.The cross-dock facility features up to 40-foot …

Trillium Capital Resources Arranges $14M in Refinancing for Two Apartment Communities in Phenix City, Alabama

PHENIX CITY, ALA. — Trillium Capital Resources has arranged $14 million in refinancing for The Gardens Apartments and Post Ridge Apartments, which are both multifamily communities located in Phenix City. The Gardens Apartments has 190 units and Post Ridge Apartments has 152 units. Located at 501 16th Ave. N., Post Ridge includes one-, two- and three-bedroom units.HUD’s A7 refinance program allowed Trillium to procure a fixed interest rate of 2.75 percent for The Gardens. The 25-year …

Pegasus Arranges $4.7M Sale of Starbucks-Anchored Retail Center in Dothan, Alabama

DOTHAN, ALA. — Pegasus Investments Real Estate Advisory Inc. has arranged the $4.7 million sale of a newly constructed retail center located in Dothan known as Dothan Commons. The property was 100 percent leased at the time of sale to tenants such as Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition and Everly Nail Spa. The center features the very first Starbucks drive-thru in the Wiregrass region and is the only Starbucks drive-thru location within almost …

Cushman & Wakefield Arranges $32.7M Sale of Apartment Community in Metro Birmingham

HOOVER, ALA. — Cushman & Wakefield has arranged the $32.7 million sale of The Park at Wakefield & Wellington, a 408-unit apartment community located at 861 Tyler Circle in Hoover, a suburb of Birmingham.Jimmy Adams and Craig Hey of Cushman & Wakefield represented the undisclosed seller. Audubon, an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeast, was the buyer.Constructed in 1973, The Park at Wakefield …

Daniel Corp. Breaks Ground on $60M Apartment Development in Huntsville

HUNTSVILLE, ALA. — Daniel Corp. has broken ground on a new $60 million luxury apartment development in east Huntsville known as Village at Hays Preserve. The project team includes Birmingham-based general contractor Doster Construction Co. and architectural firm Nelson Architects.The 336-unit Village at Hays Preserve will be a seven-building complex located on 22 acres along U.S. Highway 431. Community amenities will include a clubhouse, saltwater pool and an onsite nature trail within …

Berkadia Brokers $38.3M Sale of 100 Inverness Apartments in Birmingham

BIRMINGHAM, ALA. — Berkadia has brokered the $38.3 million sale of 100 Inverness, a 322-unit, Class B multifamily property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the seller, Colorado-based FPA Multifamily, in the transaction.Tucker Knight of Berkadia assisted the unnamed buyer in assuming an existing Berkadia-originated loan on the property as part of the transaction. Three seasoned multifamily …

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