REBusinessOnline

CREI Acquires Student Housing Community Near University of Alabama

TUSCALOOSA, ALA. — Capstone Real Estate Investments (CREI) has acquired Parker 301, a student housing community located near the University of Alabama in Tuscaloosa. The community has been rebranded The Preserve at Tuscaloosa and is set to undergo substantial renovations and repositioning within the market. Renovations will include updates to all units and the addition of one- and two-bedroom floor plans; updates to the community’s clubhouse; an expansion of the property’s business …

Enviva to Develop $175M Wood Pellet Facility in Livingston, Alabama

LIVINGSTON, ALA. — Maryland-based Enviva, a producer of wood pellets, has unveiled plans to build a facility in Livingston, 60 miles southwest of Tuscaloosa. The Alabama Department of Environmental Management (ADEM) issued an air construction permit for the facility, which will be located at the Port of Epes Industrial Park and represents an initial investment of $175 million. The facility will produce wood pellets as an energy source and create openings for 85 full-time jobs, with additional …

Trillium Arranges Financing for Four Apartment Communities, Walgreens-Leased Store in Columbus, Georgia

COLUMBUS, GA. — Columbus-based Trillium Capital Resources has arranged a refinancing package for four Class B and C apartment complexes and a store leased to Walgreens in the greater Columbus area. Scott Taccati of Trillium Capital arranged the approximately $19.7 million financing through a life insurance company on behalf of the borrower, a local real estate developer. The loan package for the apartments was underwritten with a fixed 3.4 percent interest rate and a 15-year amortization …

Birmingham Industrial Market Poised for New Projects with Record Low Vacancy

The surge in demand for Birmingham’s industrial real estate over the last few years has resulted in the highest occupancy rates in over 20 years. Alabama’s level of business friendliness has created a strong economy and high level of job growth since the end of the Great Recession. Manufacturing is a key driver of job growth. Overall vacancy rates in Birmingham’s multi-tenant industrial market have fallen to around 7 percent, which is an all-time low. Average rental rates have crept up to …

CBRE Brokers Sale of 900-Bed Student Housing Community Near Auburn University

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed student housing community located near Auburn University. The property comprises 13 three-story buildings offering two-, three- and four-bedroom units. Shared amenities include a 24-hour fitness center, swimming pools, heated spa, game room, picnic areas, sand volleyball court, computer lounge, clubroom, private study areas and a lighted basketball court. BCEG International Investment-US purchased the community …

Berkadia Arranges Sales of Two Apartment Complexes in Alabama Totaling $39.5M

BIRMINGHAM AND PHENIX CITY, ALA. — Berkadia has arranged the sales of two apartment complexes totaling $39.5 million in Alabama: The Park at Alloa in Birmingham and Steeple Crest in Phenix City. Peak Capital Partners acquired The Park at Alloa, a 270-unit complex in Birmingham’s Avondale Entertainment District, from Blue Magma Residential for $21 million. The Park at Alloa offers one-, two- and three-bedroom floor plans. Communal amenities include a breakfast bar, business center, car care …

Zarzour to Construct $17M Medical Office Building in Saraland, Alabama

SARALAND, ALA. — Zarzour Cos. has announced plans to construct a 55,000-square-foot, build-to-suit medical office building in Saraland. Zarzour will begin construction in January 2020, with plans to complete the project in January 2021. Alabama Orthopedic Clinic and Saraland Physical Therapy will anchor the building, which will be located near Industrial Parkway and I-65, nine miles north of downtown Mobile. Development is estimated to cost $17

Newmark Knight Frank Arranges $73M Sale of Multifamily Portfolio in Metro Birmingham

HOOVER, ALA. — Newmark Knight Frank (NKF) has arranged the $73 million sale of two multifamily properties in Hoover: The Falls of Hoover and Woods of Hoover. Together, the properties total 696 units and were 94 percent occupied at the time of sale. The two communities offer one- through three-bedroom floor plans. The Falls of Hoover and Woods of Hoover were built in three phases between 1996 and 2002. Communal amenities include three swimming pools, fitness centers, clubhouses, a playground, …

BCDC, Adevco Start Construction of Two Extra Space Storage Locations Totaling 1,512 Units

BIRMINGHAM, ALA. AND COLUMBUS, GA. — BCDC and Adevco have broken ground on two Extra Space Storage facilities, one in Birmingham and one in Columbus. The property in Birmingham will feature 732 climate-controlled units across 100,050 square feet. The building will be located at 2864 Acton Road, eight miles south of downtown Birmingham. Great Southern Bank provided construction financing for the three-story building, which is scheduled for delivery in September 2020. The Extra Space in …

Eyzenberg & Co. Arranges $22.8M Refinancing for Apartment Development in Huntsville

HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $22.8 million refinancing for Virtuoso Living, a master-planned, 398-unit apartment development in Huntsville. The loan was arranged on behalf of developer JCF Residences LLC to refinance the construction loan for Phase I of the community’s development. Phase I includes 178 single-story units spanning 35 acres. The units are designed to look like single-family homes, giving renters their own front and side door, yard, mailbox, patio, …

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