VESTAVIA HILLS, ALA. — Cushman & Wakefield has arranged the sale of 1800 Vestavia, a 170-unit apartment community in Vestavia Hills, roughly six miles south of Birmingham. Josh Jacobs and Jimmy Adams of Cushman & Wakefield arranged the transaction on behalf of the buyer, Springer Capital. The seller and sales price were not disclosed. Interior upgrades have been completed for 20 units, and the new ownership plans to redevelop the property’s interiors and amenity package.
MOBILE, ALA. — Cushman & Wakefield has arranged the $21 million sale of Woodside, a 240-unit apartment community in Mobile. Jimmy Adams and Josh Jacobs of Cushman & Wakefield arranged the transaction on behalf of the seller, Equity Research. Hamilton Point Investments acquired the property. Constructed in 2012, Woodside features a pool with sundeck, fitness center, dog park, business center and a laundry facility.
MONTGOMERY AND MILLBROOK ALA. — Atlanta-based Greystone Brown Real Estate Advisors, a joint venture between Greystone and Brown Realty Advisors, has arranged the $48.2 million sale of two multifamily properties in the Montgomery area: The Belmont in Montgomery and Crossings of Millbrook in Millbrook, roughly 10 miles north of Montgomery. Anthos Properties acquired the 458-unit Belmont for $23.8 million with plans to invest approximately $3 million to renovate roofs, siding, piping and improve the property’s amenities. Walter Miller, Jim Jarrell, Cory Sams and Bo Brown of Greystone Brown arranged the transaction on behalf of the buyer and seller. Other terms of the transaction were not disclosed. PEM Real Estate Group LLC acquired the 240-unit Crossings of Millbrook for $24.4 million. Constructed in 2010, the community features a clubhouse, fitness center, swimming pool and screened porches. Taylor Brown, Miller, Sams and Bo Brown of Greystone Brown represented the undisclosed seller in the transaction. Chandler Brown, also with Greystone Brown, represented the undisclosed buyer.
PIKE ROAD, ALA. — Capital One has provided a $39 million Fannie Mae loan for the acquisition of The Grand Reserve at Pike Road, a 376-unit apartment community in Pike Road, roughly 12 miles southeast of Montgomery. Chad Thomas Hagwood of Capital One arranged the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, an entity owned by EBSCO Income Properties. Trimback Construction, the seller, developed the property in 2013. Grand Reserve features a swimming pool, business center, playground, pet park and biking, hiking and jogging trails.
BIRMINGHAM, ALA. — Methodist Homes has completed the $42.5 million expansion of Fair Haven, a 375-bed continuing care retirement community (CCRC) in Birmingham. The community is the first in Alabama to fully implement the Household Model for resident care, featuring a front door with doorbell, living room with fireplace, sunroom, den, spa and a home kitchen where meals are prepared and served. The expansion includes the addition of 15 independent living apartments, 23 assisted living apartments and 59 licensed nursing beds. In addition, Fair Haven includes 20 memory care units in a newly renovated building.
BIRMINGHAM, ALA. — HREC Capital Markets Group has arranged the $19 million refinancing of Redmont Hotel Birmingham, Curio Collection by Hilton, a 120-room hotel in downtown Birmingham. Greg Porter and Mike Armstrong of HREC arranged the 10-year, fixed-rate loan through a New York-based REIT on behalf of the borrower, a private partnership. Originally constructed in 1925, the hotel underwent a complete renovation in 2015, implementing upgraded technologies and amenities while retaining the 1920s design. The hotel features two restaurants, a rooftop bar, 3,600 square feet of meeting space and a fitness center.
VESTAVIA HILLS, ALA. — New York-based Katz Properties has acquired Vestavia Hills City Center, a 392,000-square-foot shopping center in Vestavia Hills, roughly six miles south of Birmingham, for $60.3 million. HFF arranged mortgage financing for the acquisition. The seller was not disclosed. Vestavia Hills City Center is home to anchor tenant Publix, AMC Vestavia Hills 10, Planet Fitness, Starbucks Coffee, Rite Aid, Stein Mart and various restaurant tenants. In addition, the center is home to a variety of office users. Katz Properties has hired Fairway Management Group LLC to manage the property.
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $11.9 million sale of Iron City Lofts, a 70-unit apartment community in downtown Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the asset. Constructed in 2016, Iron City Lofts features granite countertops, custom kitchens and hardwood flooring. Community amenities include a heated rooftop pool, fitness center and a dog wash facility. The property is located within walking distance to retail and dining hotspots Pepper Place and the Lakeview District.
CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.
HUNTSVILLE, ALA. — Watkins Real Estate Group has signed a 45,600-square-foot lease with Publix Super Markets Inc. to anchor The Pinnacle at Providence, a 59,600-square-foot retail center under development in Huntsville’s Providence neighborhood. The Atlanta-based retail and multifamily development company acquired the 9.2-acre site in 2016 and recently secured construction financing through BB&T Corp. In addition to Publix, the tenant lineup includes Courtney Murray DDS, Allure Nails Spa and an additional 9,800 square feet of shop space. Watkins is pursuing other retail, dining and service tenants to fill the remaining space. The new Publix will be the Lakeland, Fla.-based grocer’s third location in the market. The Pinnacle at Providence is slated for completion in the first quarter of 2018.
