Saturday, January 23, 2016

Berkadia Negotiates $66.3 Million in Multifamily Sales in Birmingham, AL

The Cliffs at Rocky Ridge Apartments, Birmingham, Al

David Oakley
BIRMINGHAM, AL --- Berkadia recently negotiated the sale of the BHM 3Core Portfolio and The Cliffs at Rocky Ridge located in the Birmingham metropolitan area.  

Managing Director David Oakley and Senior Director David Etchison of  Berkadia’s Alabama office negotiated the transaction. 

The BHM 3Core Portfolio and The Cliffs at Rocky Ridge sold for more than $66 million combined, at a blended 5.7 percent cap rate.

The BHM 3Core Portfolio sale involved three multifamily assets across the Birmingham metro region – The 241 unit Abbey at Wisteria Crest is a garden-style community located in Hoover. 

The property was built in 1972 and renovated in 2008 and 2014; Abbey at Lakeshore, built in 1971 with 198 units was renovated in 1998 and 2015; 

The Abbey at Vestavia Falls is a 120-unit, three-story apartment property located in Vestavia, built in 1972 and renovated in 1998 and 2015. 

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In a separate transaction, the sale of the 323-unit Cliffs at Rocky Ridge closed.  The Hoover property was built in 1975 and renovations took place in 2005 and 2014. 

Oakley and Etchison have been leaders in multifamily brokerage and advisory services throughout Alabama and the Southeastern United States.  The Alabama team at Berkadia led the state in annual multifamily sales volume over the past five consecutive years, facilitating over 200 apartment transactions totaling over $2 billion. 

Berkadia is one of the nation’s largest and most active multifamily investment banking and research companies.

For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644 4142 or 407-461 3781

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