Alabama

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

by Alex Tostado December 18, 2019

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 include an upscale restaurant and retail space on the ground floor. Doster Construction expects to deliver Eclipse in late 2021.

December 18, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

CREI Acquires Student Housing Community Near University of Alabama

by Alex Tostado December 5, 2019

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 center to include private study rooms; the addition of a new dog park; and a refresh of the swimming pool area. A timeline for renovations and terms of the acquisition were undisclosed.

December 5, 2019

Alabama Development Industrial Southeast

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

by Alex Tostado December 3, 2019

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 jobs anticipated to construct and support the plant. The Livingston facility will be part of Epes’ collection of pellet plants in Mississippi and Alabama. The wood pellets from the Epes plant will be transported via the nearby Tennessee-Tombigbee River to Enviva’s planned deep-water marine terminal in Pascagoula, Miss. and exported then to Europe and Asia. The plant’s planned capacity is expected to be 1.2 million metric tons of wood pellets per year. Enviva expects to be ready for construction in early 2020, subject to final investment approval. Enviva expects to deliver the facility in 15 to 18 months.

December 3, 2019

Alabama Georgia Loans Multifamily Retail Southeast

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

by John Nelson November 26, 2019

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 schedule. Three of the apartment communities are located in Columbus and one is located in nearby Phenix City, Ala., and the average age of the four communities is 30 years. The Walgreens loan was underwritten at a fixed 3.65 percent interest rate and a 15-year amortization schedule. The Walgreens property was constructed in 2011 in Columbus. Trilium Capital also recently arranged an approximately $26.8 million refinancing for a Class A multifamily complex located in the northern section of Pensacola, Fla. Taccati arranged the loan on behalf of the borrower, an undisclosed Phenix City-based developer, through a regional bank. The 10-year loan features a 3.15 percent interest rate.

November 26, 2019

Alabama Industrial Market Reports Southeast Southeast Market Reports

Birmingham Industrial Market Poised for New Projects with Record Low Vacancy

by Alex Tostado November 4, 2019

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 approximately $4.25 per square foot, which is historically high for Birmingham but still significantly lower than rents in larger markets around the Southeast. In spite of the robust activity, there are no active plans for any sort of speculative multi-tenant developments in the market. The last project was the 90,000-square-foot Oxmoor Logistics Center located in the Oxmoor Valley submarket, which was completed in the fourth quarter of 2018. It is currently 100 percent occupied. However, there are over 2 million square feet of individual projects that will be completed before the end of 2019. One is a $1.3 billion expansion at the Mercedes-Benz Tuscaloosa plant, which includes a new body shop, enhancements to the SUV assembly shop and …

November 4, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

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

by Alex Tostado October 25, 2019

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 for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Brett Kingman and Russ Oldham of CBRE arranged the transaction on behalf of the undisclosed seller. Ben Roelke and Ian Walker of CBRE originated a Freddie Mac Green Program acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.66 percent interest rate and five years of interest-only payments.

October 25, 2019

Acquisitions Alabama Multifamily Southeast

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

by Alex Tostado October 22, 2019

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 area, fitness center, swimming pool and a playground. In the other deal, Pillar Income Asset Management acquired Steeple Crest from its original developer for $18 million. Located near Columbus, Ga., the 200-unit property offers one- through three-bedroom floor plans. Community amenities include a car wash area, pet play area, business center, clubhouse, tanning salon and outdoor grilling areas. David Oakley, David Wilson, Caleb Frizzell and Jay Briley of Berkadia represented the sellers in both transactions.

October 22, 2019

Alabama Development Healthcare Southeast

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

by Alex Tostado October 17, 2019

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 million.

October 17, 2019

Acquisitions Alabama Multifamily Southeast

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

by Alex Tostado October 16, 2019

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, and three tennis courts. Bo Flurry and Justin Uffinger of NKF represented the seller, Heritage Income Properties, and the buyer, BH Equities, in the transaction.

October 16, 2019

Alabama Development Georgia Industrial Self-Storage Southeast

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

by Alex Tostado October 8, 2019

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 Columbus will offer 780 units in a 100,080-square-foot building located at 7350 Blackmon Road, 13 miles northeast of downtown Columbus. Georgia’s Own Credit Union provided construction financing for the facility, which is slated for completion in summer 2020.

October 8, 2019

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