Alabama

TUSCALOOSA, ALA. — Greystar has acquired 17 acres in Tuscaloosa to develop Union on Frank, a $70 million student housing community serving students at the University of Alabama. The 200-unit property will comprise 396 beds and will be situated at 512 Frank Thomas Ave., two blocks from Bryant-Denny Stadium. The site currently has existing student and multifamily communities that will be demolished. A timeline for completion was not disclosed. Sean Baird, Jonathan Holt, Carter Brehm, Austin Weathington and Will Mathews of Colliers International represented both the buyer and undisclosed seller in the land transaction.

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TUSCALOOSA, ALA. — Spaces Management has opened The Walk Tuscaloosa, a 251-bed student housing complex serving the students at the University of Alabama. The four-story building is located one block from Bryant-Denny Stadium and Tutwiler Hall. Unit interiors are fully furnished and feature quartz countertops, tile bathroom flooring, walk-in showers, vinyl plank wood-grain flooring and stainless steel appliances. Communal amenities include three fitness centers, private and group study spaces, a tanning bed, lounge area, pool, pool deck, firepit and below-grade parking. Elite Building was the general contractor, and Poole & Co. and Southpark Interiors were the architects. Function First Furniture furnished the units. The University of Alabama is currently offering in-person classes.

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BIRMINGHAM, ALA. — KIRCO has completed construction of The Bluffs at Greystone, a 137-unit seniors housing community in Birmingham. Phoenix Senior Living operates the property, which features 63 independent living units, 50 assisted living units and 24 memory care units. The community features a dog park, indoor pool, bocce ball court, movie theater, game room and an arts and crafts studio. The asset is located at 6328 Farley Lane, 13 miles southeast of downtown Birmingham.

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FAIRHOPE AND MOBILE, ALA. — Gulf States Real Estate Cos. and The Holyfield Co. have merged operations in Alabama, giving Gulf States a presence in the Yellowhammer State. The Covington, La.-based company will absorb Holyfield’s real estate operations, while Donald and Ronnie Holyfield will continue to maintain their appraisal business under The Holyfield Co. name. Gulf States also offers project, property and construction management, as well as development services. Gulf States now has offices in Mobile and Fairhope, Ala. Terms of the merger were not disclosed.

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HOOVER, ALA. — Carter Multifamily has acquired Summerchase at Riverchase, a 240-unit apartment complex in Hoover for $26.7 million. The asset comprises 16 two-story buildings spanning 24.7 acres. The property offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, tennis courts and two dog parks. The complex is located at 100 Summerchase Drive, 15 miles south of downtown Birmingham. The Birmingham-based buyer plans to upgrade the amenities package, as well as renovate unit interiors and exteriors. Further details and timeline of the renovations were not disclosed. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller, TriBridge Residential, in the transaction.

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HUNTSVILLE, ALA. — Mazda Toyota Manufacturing will invest an additional $830 million in its automotive plant in Huntsville. The two automakers originally formed a joint venture and announced the project in 2018. The total cost of the facility is now $2.3 billion, and the joint venture plans to train and house up to 4,000 employees at the property, having hired 600 employees to date. The new facility will have the capacity to produce up to 150,000 units of a future Mazda crossover model and up to 150,000 units of the Toyota SUV each year. The plant is situated 14 miles from Toyota’s existing manufacturing facility. Production is expected to begin in early 2021 with construction on roofing, siding, floor slabs, ductwork, fire protection and electrical now more than 75 percent complete.

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CLEVELAND — KeyBank Real Estate Capital has provided a $163 million Fannie Mae refinancing loan for a six-property multifamily portfolio in Tennessee, Georgia and Alabama. Dirk Falardeau, Steven Hamm and Matt Purtell of Cleveland-based KeyBank structured the 15-year loan with 10 years of interest-only payments on behalf of the borrower, Boston-based Panther Residential Management (PRM). In Tennessee, the portfolio comprises the 278-unit Integra Hills Apartments and the 270-unit Integra Hills Preserve Apartments in Ooltewah, as well as the 238-unit Villas at Houston Levee East and the 226-unit Villas at Houston Levee West in Cordova. The portfolio also includes the 280-unit Panther Riverside Parc in Atlanta and the 276-unit Huntsville Parc Apartments in Huntsville, Ala. The six properties were all built between 2008 and 2015.

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PRATTVILLE, ALA. — Cushman & Wakefield has arranged the $26.5 million sale of Prattville at Highland Lakes, a 224-unit multifamily community in Prattville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, sundeck, tennis court and a playground. The community is situated at 1908 Briarwood St., 10 miles northwest of downtown Montgomery. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Blue Magma Residential, in the transaction. Morrison Avenue Capital Partners acquired the property, which was built in 2001.

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TUSCALOOSA, ALA. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property in Hawaii.

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LOXLEY, ALA. — Aldi will develop a regional office and distribution center in Loxley. The facility will serve Aldi grocery stores in southern Alabama, the Florida Panhandle and Louisiana. Details of the building were not disclosed, but multiple media outlets report the property will span 564,000 square feet upon completion. Aldi operates 180 stores in Florida and Alabama. The German-based grocer plans to break ground on the distribution center in 2021. The exact location of the facility was not disclosed. but Loxley is located 22 miles east of Mobile and 40 miles west of Pensacola, Fla. Aldi plans to open 70 stores nationwide by the end of 2020.

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