BIRMINGHAM, ALA. — Berkadia has brokered the $29.2 million sale of Stonecrest at Double Oak Mountain, a 315-unit apartment property located in Birmingham. Built in 1998, the garden-style community features two- and three-story buildings housing units that average 1,176 square feet. Atlanta-based Waypoint Residential purchased the property from Rodman Properties. David Oakley and Royce Emerson of Berkadia’s Alabama office represented the seller in the transaction.
ALEXANDER CITY AND RAINBOW CITY, ALA. — Berkadia has arranged the sale of a multifamily portfolio encompassing a total of 172 units for $3.8 million. The properties include Azalea Court I & II, Sherwood Forest and Wildhaven. The properties are located in Alexander City and Rainbow City, Ala. David Oakley and Josh Jacobs of Berkadia’s Alabama office negotiated the portfolio sale representing the Birmingham-based seller. Suit Properties of Gadsden, Ala. was the buyer.
HOOVER, ALA. — Meridian Capital Group has negotiated $35 million in acquisition financing for the purchase of the Meadowbrook North Office Park located in Hoover on behalf of The Matrix Group. The two-year loan, provided by Rialto Mortgage Finance, features a LIBOR-based floating-rate, interest-only payments for the full term and a one-year extension option. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian’s New York City headquarters negotiated the transaction. Meadowbrook North Office Park, located at 100, 300, 500 and 1200 Corporate Drive on U.S. Highway 280, includes four Class A office buildings totaling 509,000 square feet. Developer Daniel Corp. built the property. Amenities include a 13-acre lake, 1.3-mile walking trail, three daycare facilities and a post office. The Hoover submarket contains Birmingham’s highest concentration of Class A office stock, totaling 4.7 million square feet.
MONTGOMERY, ALA. — Retail Specialists LLC has opened 79 Commerce, a mixed-use development comprising apartment units and retail space in downtown Montgomery. The property is located on Bibb Street across from the Montgomery Convention Center. The project features 54 Class A apartment residences and 15,800 square feet of ground-floor retail space. Mellow Mushroom, a pizza eatery chain, plans to open its new restaurant at the development by the first quarter of 2016. Retail Specialists developed the project and is leasing and managing the project’s retail portion. Partners Realty is managing and leasing the residential portion of 79 Commerce. The design team includes architect Live Design Group, general contractor Brasfield & Gorrie and engineer Goodwyn, Mills and Cawood. Golden Bell Capital, a REIT based in Birmingham, and Iberia Bank provided construction financing.
HUNTSVILLE, ALA. — RCP Cos. plans to develop CityCentre at Big Spring, a $100 million mixed-use development in downtown Huntsville’s central business district. Located on Williams Avenue between Monroe Street and Lowe Avenue, CityCentre at Big Spring will feature nearly 50,000 square feet of retail and restaurant space, more than 270 upscale apartment residences and office lofts. Plans also include two hotels operated by Huntsville-based Yedla Hotel Management that will span more than 230 rooms. The project’s structured and street-level parking will provide approximately 750 parking spaces. The new development will be integrated with Big Spring Park on nine acres downtown and between the popular Von Braun Center and Twickenham Square. Site demolition is complete, and construction is expected to begin by year-end. RCP Cos. plans to open Phase I in 2016. Pittsburgh-based Urban Design Associates serves as the project’s master planner and is providing insight on architectural patterns, building forms and the overall urban plan. Birmingham, Ala.-based CMH Architects is providing architectural services, and Retail Leasing Advisors and Dart Retail Advisors are the exclusive leasing agents for the new development.
TUSCALOOSA, ALA. — University House Communities (UHC), formerly Inland American Communities, has purchased South 10 Apartments, a student housing community located near the University of Alabama. UHC plans to rebrand the 200-unit property as University House. The five-story community features 592 beds with one-, two-, three- and four-bedroom floor plans that are fully furnished. The property also features more than 10,000 square feet of ground-floor retail space. Each bedroom has its own bathroom, and the units include 42-inch flat-screen TVs, quartz countertops, stainless steel appliances, nine-foot ceilings and full-size washers/dryers. The community’s amenities include a large gym, resort-style pool, outdoor lounge, 24-hour clubhouse, pet spa with a dog walk, study areas and tanning beds. The property is located blocks from Bryant-Denny Stadium and has direct access to the Crimson Ride transit system. South City Partners developed the property and sold to UHC for an undisclosed amount.
MONTGOMERY, ALA. — Elevation Financial Group LLC has purchased two apartment communities in Montgomery totaling 378 units for a combined $6.8 million. The properties include the 202-unit Olympia Heights Townhome Apartments and the 176-unit Cyprus Court Apartments. Elevation Financial plans to rebrand Olympia Heights as Serenity Townhomes at Montgomery and Cyprus Court as Serenity Apartments at the Park. The company also plans to renovate the common areas, amenities and units of both communities. Elevation Financial purchased the two value-add assets through its subsidiary, Elevation Real Property Fund V LLC. Affiliate company Elevation Property Management LLC will manage both apartment communities.
FOLEY, ALA. — Strategic Storage Trust II Inc., a non-traded self storage REIT, has purchased a 1,050-unit self storage facility located at 8141 Highway 59 S. in Foley for $8 million. The property spans 142,000 square feet and features 78 boat/RV spaces, climate controlled units and grade level drive up. Built in 1985 and renovated in 1996 and 2006, the asset was 91 percent occupied at the time of sale. The REIT plans to make capital improvements to the 10-acre facility, including new roofs and drive areas. Strategic Storage Trust’s portfolio includes 18,000 self storage units spanning approximately 2 million square feet.
HOOVER, ALA. — American Realty Capital – Retail Centers of America I & II, a non-traded retail REIT, and Lincoln Property Co. Southeast have acquired the 512,871-square-foot Patton Creek in Hoover for $83.5 million. Patton Creek comprises 65.7 acres of open-air retail space occupied by tenants such as Dick’s Sporting Goods, Rave Motion Pictures, Ross Dress for Less, Cost Plus World Market, DSW, Barnes & Noble, buybuyBABY and Christmas Tree Shops. Patton Creek was approximately 95 percent leased at the time of sale. The seller was Patton Creek Holdings LLC.
GULF SHORES, ALA. — Langley Properties Co. has sold Pelican Place at Craft Farms, a 229,911-square-foot shopping center located at 3800 Gulf Shores Parkway in Gulf Shores. Atlanta-based RCG Ventures purchased the asset from Langley Properties for $18.5 million. The shopping center’s tenant roster includes Bed Bath & Beyond, Cobb Theatres and Books-A-Million. Target and Publix shadow-anchor the center. Fred Victor of Transwestern represented the seller in the transaction. Scott Tarbet represented the buyer internally.