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| Tapestry Park Apartments, Birmingham, AL |
BIRMINGHAM, Ala. --- Hendricks-Berkadia, one of the nation’s
largest and most active multifamily investment banking and research companies,
represented both buyer and seller recently in the $32.4 million acquisition of Tapestry
Park Apartments, an upscale 196-unit apartment community located in
Birmingham.
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| Royce Emerson |
Senior associate Royce Emerson of Hendricks-Berkadia
in Birmingham along with senior vice president David Oakley, negotiated
the transaction representing both the seller, Birmingham-based Glenmont
Arlington Montclair LLC, a Delaware limited liability company, and the buyer,
SIR Tapestry Park LLC, a California-based Delaware limited liability firm whose
parent company is Steadfast Companies which owns and operates over 14,000 units
across the U.S.
Built in 2012 with high-end finishes throughout all of its
one, two and three-bedroom units, Tapestry Park’s location and design make it
one of the most desirable rental apartment communities in the Birmingham area,
Emerson said.
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| David Oakley |
The property was 96 percent leased at the time of closing,
with average rents that rank within the top five percent for the area.
Emerson said Hendricks-Berkadia has closed 12 deals in six
states valued at more than $265 Million within the past 24 months for Steadfast
Companies.
For a complete copy of the company’s news release, please
contact:
Larry Vershel or Beth Payan, Larry Vershel Communications
407-644-4142 lvershelco@aol.com.
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