Alabama

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

Acquisitions Alabama Industrial Southeast

Monmouth Purchases Amazon-Leased Industrial Building Near Mobile for $33.7M

by Camren Skelton July 2, 2018

THEODORE, ALA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building located at 6735 Trippel Road in Theodore, roughly 15 miles southwest of Mobile, for $33.7 million. The 362,942-square-foot facility, which opened in the second half of 2017, is net-leased to Amazon Fulfillment Service Inc. for 11 years. Johnson Development Associates Inc. developed the facility in partnership with Amazon. The property is situated on 31.3 acres, roughly 14 miles from the Port of Mobile. The acquisition marks Monmouth’s second property leased to Amazon.

July 2, 2018

Alabama Development Industrial Southeast

Amazon to Build First Fulfillment Center in Alabama, Bringing 1,500 Jobs to Bessemer

by John Nelson June 26, 2018

BESSEMER, ALA. — Amazon has announced plans for its first fulfillment center in Alabama. The Seattle-based e-commerce company will operate an 855,000-square-foot facility located in Bessemer, roughly 16 miles southwest of Birmingham. The development cost was not disclosed, but local media outlets report that the facility represents a $325 million investment. Amazon, which currently operates a sortation center in Mobile, expects to bring 1,500 jobs to the new facility, which will utilize Amazon Robotics. The Birmingham Business Alliance led several aspects of the project, including presentation of the site, infrastructure issues and local incentives. According to Bessemer Mayor Kenneth Gulley, Amazon’s new facility will be the single-largest private investment in the history of the city. No construction timeline was given.

June 26, 2018

Alabama Industrial Loans Southeast

Eyzenberg & Co. Arranges $14.4M Acquisition Loan for Two Apartment Assets in Huntsville

by Camren Skelton June 19, 2018

HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $14.4 million bridge loan for the acquisition of two neighboring apartment communities in Huntsville: Hillside Village and Twickenham Village. David Eyzenberg, Jeff Conti and Diana Davidson of Eyzenberg arranged the loan through SunTrust Bank on behalf of the borrower, a partnership between Blue Magma Residential LLC and Auerbach Opportunity Fund I LP. The loan was used to fund a portion of the acquisition and subsequent renovation of the properties. Hillside Village is located at 4515 Bonnell Drive N.W. and includes 223 units. Twickenham Village, located a half-mile away at 5001 Galaxy Drive N.W., comprises 152 units. The communities are situated less than two miles from the University of Alabama at Huntsville and roughly five miles from Huntsville’s central business district.

June 19, 2018

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