OG Capital Purchases Waterfront Multifamily Community Near Birmingham for $9.4M
RIVERSIDE, ALA. — An affiliate of OG Capital LLC, a Birmingham-based real estate investment firm, has purchased Riverbend Apartments, a 144-unit apartment community in Riverside. Built in 1980, the property sits about 40 miles east of Birmingham and overlooks the Coosa River and its Lake Logan Martin Reservoir. A Delaware-based entity doing business as OG Riverbend LLC purchased the property from a firm doing business as Riverbend Apartments Ltd. for $9.4 million.
Located at 417 Riverbend Road, the community is 3.9 miles from Honda Manufacturing of Alabama, a $2 billion, 4.2 million-square-foot plant that directly employs nearly 6,000 workers.
Riverbend, which will soon be rebranded as RiverHouse, includes one-, two- and three-bedroom apartment homes, a community pool and clubhouse. Additionally, the property has more than 4,000 feet of waterfront and offers residents a private boat launch, swimming and water sports.
OG Capital plans to renovate the entire property and amenity package by improving and expanding the existing fitness center and adding new community docks, fire pits and grill stations. Arlington Properties Inc. will manage the community.