Alabama: Multifamily Complex Trades Hands for $22.8 Million
Contact: Gina Relva, Public Relations Manager
HOMEWOOD, Ala., Oct. 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Hill Apartments, a 122,763-square-foot apartment complex in Homewood, a suburb of Birmingham, Ala. The $22,875,000 sales price equates to $187,500 per unit.
Patrick Jordan, a senior associate in Marcus & Millichap’s Memphis, Tenn. office and Eddie Greenhalgh, a senior associate in the firm’s Birmingham, Ala. office, represented the seller, a local property owner. Jordan also represented the New Jersey-based buyer.
“The extremely high barriers to entry in the Homewood multifamily market and The Hill Apartments’ location within Birmingham’s best school district made this asset very attractive to investors,” says Jordan.
The property was built in 2012 on 3.4 acres at 1840 Oxmoor Road near the new city hall in Homewood, Ala.
The Hill Apartments feature one-, two- and three-bedroom units with condo-quality finishes such as granite countertops, custom hardwood flooring, crown molding, stand-up showers, balconies and washer and dryer. Exterior amenities include secure gated entry, a saltwater swimming pool with a gazebo and outdoor kitchen; a state-of-the art 24-hour fitness center, ample parking and a coffee shop/business center.