Alabama

Aptitude Development Breaks Ground on 409-Bed Student Housing Community Near UAB in Birmingham

by Alex Tostado November 12, 2020

BIRMINGHAM, ALA. — Elmwood Park, N.J.-based Aptitude Development has broken ground on The Marshall Birmingham, a 409-bed student housing community located near the University of Alabama at Birmingham (UAB). The 200,000-square-foot, seven-story building will feature shared amenities including a fitness center, resident lounges, breakout areas, open-air social space, courtyards and a pool. Construction is expected to be completed in summer 2022. The design team comprises Stone Construction, BSB Design and CHA Engineering.

November 12, 2020

Acquisitions Alabama Retail Southeast

Chase Properties Acquires 183,000 SF Retail Center in Dothan, Alabama

by Alex Tostado November 11, 2020

DOTHAN, ALA. — Chase Properties has acquired Shops on the Circle, a 183,000-square-foot retail property in Dothan. TJ Maxx, Big Lots, PetSmart, Five Below and Old Navy anchor the center. The seller and sales price were not disclosed. Shops on the Circle is located at 3500 Ross Clark Circle, three miles northwest of downtown Dothan. Beachwood, Ohio-based Chase Properties says that despite COVID-19, the sale closed on schedule.

November 11, 2020

Acquisitions Alabama Healthcare Office Southeast

Sanders Trust Sells Medical Office Portfolio for $240M

by John Nelson November 3, 2020

BIRMINGHAM, ALA. — The Sanders Trust has sold a portfolio of 11 medical office buildings and inpatient rehabilitation facilities for $240 million. The assets total 474,100 square feet and are located across eight states: Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa. The names of the individual properties were not disclosed. Harrison Street was Sanders Trust’s joint venture partner for nine of the 11 properties. The assets were purchased in the past three and a half years and were fully leased at the time of sale. Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Co., purchased the portfolio on behalf of a public pension fund client. Chris Bodnar and Lee Asher of CBRE’s Healthcare and Life Sciences Capital Markets team represented Sanders Trust and Harrison Street in the portfolio transaction.

November 3, 2020

Alabama Development Healthcare Southeast

Daniel Corp. Breaks Ground on 144,000 SF Medical Office Building in Birmingham

by John Nelson November 2, 2020

BIRMINGHAM, ALA. — Daniel Corp. has broken ground on Grandview Medical Plaza II, a four-story, 144,000-square-foot medical office building in Birmingham. White Plains, N.Y.-based Seavest Healthcare Properties is the developer and owner. Grandview Medical Plaza II is situated next to Grandview Medical Plaza I, an eight-story, 208,000-square-foot building that is also owned by Seavest. Grandview Medical Plaza II will be situated within the 103-acre Cahaba Center at Grandview campus, which is located nine miles southeast of downtown Birmingham. Daniel Corp. expects to deliver Grandview Medical Plaza II in early 2022.

November 2, 2020

Acquisitions Alabama Multifamily Southeast

Wicker Park Capital Sells 336-Unit Apartment Complex Near Huntsville

by Alex Tostado October 27, 2020

MADISON, ALA. — Wicker Park Capital Management has sold Elements of Madison, a 336-unit apartment complex in Madison. The property offers one-, two- and three-bedroom floor plans averaging 999 square feet. Communal amenities include two pools, a business center, playground, fitness center and a clubhouse. Elements of Madison was built in two phases between 1986 and 1999. The asset was 95 percent occupied at the time of sale. The community is located at 101 Royal Drive, 12 miles west of downtown Huntsville. Justin Uffinger and Bo Flurry of Newmark Knight Frank (NKF) represented the Savannah, Ga.-based seller in the transaction. Mishawaka, Ind.-based The Sterling Group acquired the complex for an undisclosed price.

October 27, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Negotiates $46.6M Sale of Apartment Community in Huntsville

by Alex Tostado October 5, 2020

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $46.6 million sale of Ascent at Jones Valley, a 431-unit apartment community in Huntsville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fitness center, pool, a playground and tennis courts. The asset was originally developed in 1978 and was renovated in 2018. The seller, Stonecutter Capital Management, implemented $2.2 million in upgrades, including a renovated swimming pool area, upgraded tennis courts and a new fitness center. The buyer, Wicker Park Capital Management, plans to expound on the renovations. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller in the transaction.

October 5, 2020

Acquisitions Alabama Multifamily Southeast

Franklin Street Arranges $18.5M Sale of Multifamily Portfolio in Montgomery

by Alex Tostado October 5, 2020

MONTGOMERY, ALA. — Franklin Street has arranged the $18.5 million sale of a two-property multifamily portfolio in southeast Montgomery. The portfolio comprises the 240-unit Fields One Center and the 242-unit Fields Carriage Hills. Fields One Center is located at 4220 Strathmore Drive, which is situated two miles from Fields at Carriage Hills at 3364 Fountain Lane. The properties each offer one-, two- and three-bedroom floor pans averaging 970 square feet. The properties were 72 percent occupied at the time of sale. Communal amenities at the assets include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities. Dan Phelan, Jake Reid, Chad Defoor and Alex Croy of Franklin Street represented the seller, Houston-based Elite Street Capital, in the transaction. Atlanta-based Two Waters Capital Management acquired the portfolio.

October 5, 2020

Alabama Development Multifamily Southeast Student Housing

Greystar to Develop $70M Student Housing Community Near University of Alabama

by Alex Tostado September 25, 2020

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.

September 25, 2020

Alabama Development Multifamily Southeast Student Housing

Spaces Management Opens 251-Bed Student Housing Complex in Tuscaloosa

by Alex Tostado September 22, 2020

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.

September 22, 2020

Alabama Development Multifamily Seniors Housing Southeast

KIRCO Delivers 137-Unit Seniors Housing Community in Birmingham

by Alex Tostado September 16, 2020

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.

September 16, 2020

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