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Alabama

Pinnacle at Tutwiler Farm
AcquisitionsAlabamaRetailSoutheast

JLL Brokers Sale of 248,988 SF Shopping Center in Metro Birmingham

by Julia Sanders

TRUSSVILLE, ALA. — JLL Capital Markets has brokered the sale of Pinnacle at Tutwiler Farm, a 248,988-square-foot regional shopping center in Trussville, a suburb of Birmingham. Brad Buchanan, Jim Hamilton, Will Sledge, Tom Hall and Taylor Callaway of JLL marketed the property in coordination with online auction platform Ten-X on behalf of the sellers, Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates and Series 2007-C1. The undisclosed buyer was a private investor based out of Texas. The sales price was not disclosed. The Pinnacle at Tutwiler Farm is located at 5006 Pinnacle Square. The center was 75 percent leased at the time of sale and features a mix of national and regional tenants, including anchors Best Buy and At Home.

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Marbella Luxury Apartments
AcquisitionsAlabamaMultifamilySoutheast

OG Capital Purchases Multifamily Community in Gulf Shores, Alabama for $15M

by Julia Sanders

GULF SHORES, ALA. — An affiliate of OG Capital has purchased Marbella Luxury Apartments, a 96-unit luxury apartment community situated on 4.8 acres at 1910 E. First St. in Gulf Shores. The buyer, an entity doing business as OG Marbella LLC, purchased the property from Marbella Gulf Shores LLC for $15 million. Troy Wilson and Frank Malone of Bellator Real Estate & Development brokered the transaction. ServisFirst Bank provided acquisition financing. Marbella Luxury Apartments features 99,600 square feet of rentable space including one- and two-bedroom residences. OG Capital plans to improve the community’s clubhouse and pool areas and install washers and dryers in each unit, as well as add grill stations and outdoor gathering spaces. The Mitchell Co., a Mobile-based multifamily operator led by Chris Sylvester, will manage the community. The property is situated close to Gulf Shores Elementary School, a Rouse’s Market and is located less than two miles to the Gulf Shores Beach. OG Capital is a Birmingham, Ala.-based multifamily real estate investment firm. In addition to its latest acquisition of Marbella, the firm has holdings in markets from Chattanooga, Tenn., to south Alabama.

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AcquisitionsAlabamaFloridaGeorgiaMultifamilyNorth CarolinaSingle-Family RentalSoutheastTennessee

Transcendent Electra Acquires 1,889 New Single-Family Rental Homes in Sun Belt Markets

by Julia Sanders

MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.

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Technicolor campus
AcquisitionsAlabamaIndustrialSoutheast

Phoenix Investors Acquires Technicolor’s 1.4 MSF Industrial Campus in Huntsville

by Julia Sanders

HUNTSVILLE, ALA. — An affiliate of Milwaukee-based Phoenix Investors has acquired the Technicolor Campus located at 4905 Moores Mill Road in Huntsville. The industrial property spans 1.4 million square feet and sits on approximately 161 acres. Daniel Stubbs of Binswanger brokered the sale. Technicolor, which is exiting the property in August, uses the campus for disc manufacturing, warehousing and distribution fulfillment. The property features 916,000 square feet in warehouse and distribution space; 425,000 square feet in manufacturing and production space; and 30,000 square feet of office space. The property was last renovated in 2007. The property features 27- to 42-foot clear heights, 50 docks and six drive-in doors.

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The Range
AlabamaDevelopmentMixed-UseMultifamilySoutheast

Beach Co. Breaks Ground on Apartment Community, Office Building in Huntsville

by Julia Sanders

HUNTSVILLE, ALA. — The Beach Co. has broken ground on The Foundry, a mixed-use apartment community, and The Range, a commercial office building, in Huntsville. Construction on The Foundry is scheduled for completion in spring 2023, and The Range is scheduled to be completed in winter 2022. The Foundry will comprise four residential buildings offering 328 multifamily residences with studio, one- and two-bedroom floor plans and three townhome buildings encompassing 14 units. The multifamily units will range from 608 to 1,176 square feet, and the three-bedroom townhomes average 2,468 square feet. Residences at The Foundry will feature stainless appliances, designer fixtures, tile showers and backsplashes, granite counters and ceilings ranging from nine to 14 feet. Residential amenities will include a pool deck, dog park, club and fitness rooms, private parking and a bike storage room and bike shop. The Foundry will also offer approximately 9,900 square feet of commercial space throughout its campus, including a one-story, 5,500-square-foot building designated to feature multiple retail or restaurant concepts sharing a common patio space along Governors Drive. Wieland was The Foundry’s general contractor, Nashville-based Smith Gee Studio is the architect and Fifth Third Bank is the lender. The Range will offer 49,000 square …

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AlabamaDevelopmentMultifamilySoutheastTop Stories

WSS Development Breaks Ground on $100M Luxury Apartment Project in Huntsville, Alabama

by Kristin Harlow

HUNTSVILLE, ALA. — WSS Development LLC has broken ground on 2020 at Providence, a $100 million luxury apartment project in Huntsville. The development is situated within the larger 305-acre Village of Providence master-planned community. Located at the intersection of Providence Main Street and Town Center Drive, 2020 at Providence will feature 360 luxury apartment units and 20,000 square feet of ground-floor retail space. More than 70 percent of the retail space has been leased to Starbucks, The Cajun Steamer, Oh Crepe and an unnamed breakfast and lunch concept. Amenities will include a rooftop pool, rooftop fitness center, covered parking deck, high-speed elevators and an electronic package delivery system. The project team includes Humphreys & Associates Contractors LLC, Riverstreet Architects, Goodwyn Mills Cawood and Geo Solutions. BancorpSouth provided financing and Spaces Management will serve as property manager. Completion is slated for the end of 2022. The surrounding Village of Providence, which Duany, Plater-Zyberk & Co. designed and WSS developed, is home to hundreds of single-family homes, townhomes and a town center that includes more than 800,000 square feet of office, restaurants, retail and hotels. “The broader Huntsville market is experiencing unprecedented growth from both a rent and employment standpoint,” says Marc …

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AlabamaDevelopmentMultifamilySoutheast

Novare Group, BCDC to Develop 290-Unit Apartment Community in Madison, Alabama

by Julia Sanders

MADISON, ALA. — Novare Group and Batson-Cook Development Co. (BCDC) plan to develop a new apartment community in Madison. Synovus Bank provided construction financing to the co-developers, and Marble Capital provided equity for the 290-unit, mid-rise community. The Synovus loan was not disclosed but reportedly totaled $31.5 million. The unnamed project will include three, four-story residential buildings with two ground-floor retail spaces totaling 5,000 square feet. Each building will have conditioned corridors and elevators, and there will be 483 surface parking spaces and 25 detached garages. The property will offer studios, one- and two-bedroom units. Community amenities will include a resort-style swimming pool, private coworking lounge with private rooms and a conference room, fitness center with a yoga and spin room, dog park, clubroom with demo kitchen and fireplace and direct access to the Singing River Trail, a 70-mile-long Northern Alabama trail system. The project will also include eight live/work units. Located at 375 Lime Quarry Road, the community will be adjacent to Town Madison, a 563-acre mixed-use urban, walkable community. Niles Bolton Associates is the architect, Walter Schoel Engineering Co. is the civil engineer and Doster Construction Co. is the general contractor. Construction will commence in April, with the …

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Renaissance at Galleria
AcquisitionsAlabamaMultifamilySoutheast

Marcus & Millichap Brokers $58.2M Sale of Two Multifamily Properties in Metro Birmingham

by Julia Sanders

BIRMINGHAM AND HOOVER, ALA. — Marcus & Millichap has brokered the sale of two multifamily properties in the Birmingham area. The first property is Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.4 million, or $118,826 per unit. The second is Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.8 million, which represents $110,000 per apartment. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994. Jacobs represented the seller, the West Palm Beach, Florida-based Myers Apartment Group and procured the buyer, Carter Funds.

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Windsweep
AlabamaIndustrialLoansMultifamilySoutheast

Trillium Capital Arranges Financing for Multifamily Property, Industrial Facility in Phenix City, Alabama

by Julia Sanders

PHENIX CITY, ALA. — Trillium Capital Resources has arranged financing for two real estate properties in Phenix City. The properties include Windsweep Luxury Apartments, a 108-unit apartment community, and a 103,680-square-foot industrial property. Trillium originated a $7.8 million Fannie Mae loan for Windsweep. The 10-year, non-recourse loan included a fixed 3.63 percent interest rate. The borrower was not disclosed. For the industrial transaction, Trillium arranged a $2.2 million loan through an unnamed regional bank on behalf of The Memory Co., a designer and marketer of licensed sports related gifts, collectibles and home décor. The five-year loan features a fixed 4.2 percent interest rate. Trillium Capital Resources is a commercial mortgage banking firm with offices located in Columbus, Ga., Atlanta and Jacksonville, Fla.

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Gulf Coast Portfolio
AcquisitionsAlabamaFloridaMultifamilySoutheast

DLP Real Estate Capital Acquires 1,086-Unit Multifamily Portfolio in Mississippi, Alabama

by Julia Sanders

ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia. Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups. Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios. Prosper …

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