REBusinessOnline

Cushman & Wakefield Secures $22.5M Sale of Apartment Complex in Daphne, Alabama

DAPHNE, ALA. — Cushman & Wakefield has arranged the $22.5 million sale of Palladian at Daphne, a 120-unit apartment complex near Mobile Bay in Daphne. The community offers residents home-style living with attached garages, ground-floor entry and an average floor plan size of 1,800 square feet. Amenities include a fitness center, conference room, outdoor TV lounge, 15-seat movie theater, swimming pool and a bark park with pet washing station. Craig Hey and Jimmy Adams of Cushman & …

Newmark Knight Frank Arranges $21M Sale of Two Urban Birmingham Apartment Properties

BIRMINGHAM, ALA. — The Newmark Knight Frank (NKF) Multifamily group has brokered the sale of two Birmingham multifamily assets: Pawnee Square, a 72-unit community located in the city’s Highland Park neighborhood; and Jemison Flats, a 59-unit community located downtown. The Jemison Flats sale also included more than 23,000 square feet of commercial space. Bo Flurry and Justin Uffinger of NKF’s Birmingham office represented the sellers in both transactions. San Diego-based Verada …

Metropolitan Capital Advisors Arranges $4M Construction Loan for Self-Storage Facility in Mobile

MOBILE, ALA. — Metropolitan Capital Advisors (MCA) has arranged a $4 million senior construction loan for Anytime Storage, a self-storage owner and operator based in Phoenix. The company will use the loan to construct a three-story self-storage facility in Mobile comprising 466 climate-controlled units, representing the first Anytime Storage facility in Alabama. The financing features a fixed 5.05 percent interest rate and 36 months of interest-only payments followed by a 20-year amortization …

NKF Arranges Sales of Suburban Multifamily Assets Across Alabama Totaling $23.5M

BIRMINGHAM, ALA. — Newmark Knight Frank (NKF) Multifamily Capital Markets has arranged the sales of three Alabama multifamily communities totaling $23.5 million. Bo Flurry and Justin Uffinger in NKF’s Birmingham office, along with the firm’s National Affordable Housing group, represented the sellers in all three transactions. The deals include Birmingham-based The Gateway Cos. selling Liberty Square, a 168-unit apartment community in Montgomery, to Missouri-based Zimmerman Properties for …

Doster Breaks Ground on 279-Unit Eclipse Apartment Building in Downtown Huntsville

HUNTSVILLE, ALA. — Birmingham-based Doster Construction Co. Inc. has broken ground on Eclipse, a new 279-unit apartment development in downtown Huntsville. The multifamily project is the latest addition to the CityCentre development overlooking Big Spring Park. New Jersey-based Spring Bay Property Co. LLC is the lead developer in the residential component of CityCentre, which is being master developed by RCP Cos. Wakefield Beasley & Associates designed the five-story community, which will …

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 …

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