Alabama

Foshee Residential to Open High-Rise Loft Development in Downtown Montgomery

by Amy Works October 19, 2018

MONTGOMERY, ALA. — Montgomery-based Foshee Residential Management Co. is developing The Historic Bell Lofts, the only high-rise loft development in Montgomery. The mixed-use redevelopment will feature 88 luxury lofts and several thousand feet of ground-floor commercial space. The building was once home to The Beauvoir Club, which later merged with the Montgomery County Club. Other previous tenants include Alabama Power Co., Algernon Blair Construction Co., doctors offices, law firms, construction companies and other businesses. Preleasing for will begin at 5:00 p.m. on Monday, Oct. 22, and the property is slated for completion in spring 2019.

October 19, 2018

Acquisitions Alabama Multifamily Southeast

PF Holdings Sells 344-Unit Apartment Community in Birmingham

by Amy Works October 9, 2018

BIRMINGHAM, ALA. — PF Holdings has completed the sale of Sunrise Pointe, a multifamily property located at 7716 Sunrise Circle in Birmingham. Forge Partners acquired the property for an undisclosed price. Built in 1978, Sunrise Pointe features 344 apartments, immediate access to Interstate 20 and close proximity to retail and entertainment opportunities in the city’s Irondale and Crestwood submarkets. Josh Jacobs of Cushman & Wakefield represented the seller in the transaction.

October 9, 2018

Alabama Company News Office Southeast

Chad Thomas Hagwood Joins Hunt Real Estate Capital Team

by Amy Works October 2, 2018

BIRMINGHAM, ALA. — Hunt Real Estate Capital has hired Chad Thomas Hagwood as senior managing director and Southeast regional manager. Formerly with Capital One Multifamily Finance, Hagwood will be based in Hunt’s Birmingham office. In this role, Hagwood will be actively involved in the origination of multifamily and manufactured home community debt throughout the nation, with a focus on loan originations through Fannie Mae, Freddie Mac, CMBS and FHA programs. Additionally, Hagwood will oversee the firm’s Southeast Region and the Manufactured Home Community production nationally. Over the course of his career, Hagwood has closed in excess of $8 billion in commercial real estate transactions throughout the United States, and he is annually ranked as one of the industry’s leading loan originators.

October 2, 2018

Acquisitions Alabama Loans Multifamily Southeast

Berkadia Completes $13.9M Sale, Secures $10.5M Financing for Apartment Asset in Northern Alabama

by Camren Skelton September 24, 2018

MUSCLE SHOALS, ALA. — Berkadia has arranged the $13.9 million sale of Arbor Village Apartments, a garden-style multifamily community in Muscle Shoals, a city in northern Alabama. David Oakley and David Wilson of Berkadia arranged the transaction on behalf of the seller, Engel Realty Co. In addition, Josh Finley of Berkadia secured a 10-year, $10.5 million acquisition loan on behalf of the buyer, Arbor Village Apartments LLC. The Fannie Mae loan features a fixed interest rate of 4.91 percent and a 30-amortization schedule. Arbor Village Apartments includes a mix of one- and two-bedroom units and features a fitness center, pool and an outdoor grilling area.

September 24, 2018

Alabama Development Hospitality Southeast

Marshall Hotels & Resorts Opens 63-Room Hotel Indigo in Birmingham

by Camren Skelton September 14, 2018

BIRMINGHAM, ALA. — Marshall Hotels & Resorts has opened the 63-room Hotel Indigo Birmingham Five Points S-UAB. Located in the Five Points South area, Birmingham’s arts, entertainment and dining district, the hotel is near attractions including the Birmingham Botanical Gardens, McWane Science Center and the Birmingham Civil Rights Museum. In addition, the property is a half-mile from University of Alabama at Birmingham (UAB). The building was originally designed in the 1930s for medical offices and was converted into a hotel in the 1980s. Marshall Hotels completed a $5 million renovation to convert the hotel from the Hotel Highland Downtown to a Hotel Indigo, a chain of boutique hotels under the InterContinental Hotels Group umbrella. The hotel features the Rx lounge, a themed bar and restaurant that captures the building’s medical arts origins.

September 14, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $18.8M Sale of Multifamily Community in Birmingham

by Camren Skelton August 28, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has secured the $18.8 million sale of Village at Grants Mill, a 200-unit multifamily community in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, LMS Real Estate. An East Coast-based private capital buyer acquired the property. Village at Grants Mill was originally constructed in 1985 and fully renovated in 2017. Individual units feature granite countertops, private patios or balconies, stainless steel appliances, hardwood style flooring and walk-in closets. Community amenities include a resort-style pool, outdoor fire pit, fitness center, dog park, outdoor kitchen and a coffee bar.

August 28, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $134.3M Sale of Multifamily Portfolio in Mobile

by Camren Skelton August 17, 2018

MOBILE, ALA. — Cushman & Wakefield has arranged the $134.3 million sale of a five-property multifamily portfolio located in Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield brokered the transaction on behalf of the seller, Massachusetts-based Colony Hills Capital. Post Road Group and Spruce Capital Partners acquired the properties. The portfolio totals more than 2,000 units and includes Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks. The assets were constructed between 1951 and 1982. Community amenities across the portfolio include pools, fitness centers, laundry facilities, playgrounds and tennis courts.

August 17, 2018

Alabama Development Industrial Southeast

Burton Property Group to Break Ground on New Headquarters for Aircraft Engine Manufacturer in Mobile

by Camren Skelton August 13, 2018

MOBILE, ALA. — Burton Property Group (BPG) will soon break ground on a new corporate headquarters and manufacturing facility for Continental Motors Group at the Mobile Aeroplex at Brookley, an industrial complex and airport in Mobile. The facility will consolidate the aircraft engine manufacturer’s operations from 11 buildings situated on 45 acres to two buildings on approximately 20 acres. The buildings will total 275,000 square feet, with the majority being dedicated to aircraft engine and parts manufacturing. BPG partnered with Atlanta-based investment firm Stonemont Financial Group to fund the development. Clayco Inc. is designing and building the project, which is expected to take 11 months to complete. Continental Motors Group employs approximately 450 people in Alabama’s Mobile and Baldwin counties.

August 13, 2018

Acquisitions Alabama Multifamily Southeast

Transcontinental Realty Investors Acquires 200-Unit Multifamily Community on Alabama’s Gulf Coast

by Camren Skelton July 24, 2018

GULF SHORES, ALA. — Transcontinental Realty Investors Inc., along with its wholly owned subsidiary, Abode Properties, has acquired the Villas at Bon Secour, a 200-unit apartment community in Gulf Shores, a city on Alabama’s Gulf Coast. The Dallas-based real estate investment firm secured a Freddie Mac loan for the acquisition. The name of the seller and sales price were not disclosed. The community includes a mix of one- and two-bedroom units ranging from 648 to 990 square feet. Community amenities include a business center, dog park, clothes care center, fitness center and a resort-style pool. The Villas at Bon Secour is located less than five miles from the beach and within one mile of The University of South Alabama’s Gulf Coast campus.

July 24, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $39M Sale of Three-Property Multifamily Portfolio in Mobile

by Camren Skelton July 11, 2018

MOBILE, ALA. — Cushman & Wakefield has brokered the $39 million sale of a three-property multifamily portfolio located in Mobile. Entities managed by StoneRiver Co. acquired the properties, which include Huntleigh Woods, Southern Oaks and Ashford Place. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, PEM Real Estate Group. The properties, constructed between 1975 and 1983, total 625 units. Community amenities across the portfolio include dog parks, fitness centers, picnic areas, coffee bars and swimming pools.

July 11, 2018

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