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| High Pointe Apartments, Birmingham, AL |
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| Jimmy Adams |
BIRMINGHAM, AL (Oct. 15, 2013) — Multi Housing Advisors
(MHA) has brokered the sales of two Birmingham apartment communities totaling
506 units. The properties — the 256-unit High Pointe and the 250-unit
Brookstone — sold for a total of $21.1 million.
Jimmy Adams,
Managing Director for MHA who oversees the firm’s Birmingham office,
represented the seller, Ruffner Mountain, in both of the transactions. A Michigan-based LLC purchased the two
properties.
Both sales were loan
assumptions, closing in 60 days or less from application, and the transactions
mark the buyer’s first purchases in Alabama. High Pointe sold for $13 million,
Brookstone for $8.1 million.
With the closings,
MHA’s Birmingham office has completed 20 investment sales this year. MHA, which
also has offices in Atlanta and Charlotte and completes deals throughout the
South, is aiming to close 100 transactions in 2013.
“The number of apartment
sales that we’ve completed this year is a powerful indication of the ongoing
demand for multifamily investments as well as our ability to find the right
buyers for our clients’ properties,” Adams said. “With the apartment sector
poised to continue to thrive in the near future, we anticipate the pace of
activity to remain brisk as well.”
High Pointe and
Brookstone were built in 1974 and 1983, respectively.
MHA recently
expanded its Charlotte office and intends to open additional offices in the
South. The firm has made a number of significant new hires over the past year
as well, adding experienced brokers to expand its geographic reach and to take
advantage of the increasing volume of multifamily investment sales.
For a complete
copy of the company’s news release, please contact:
Stephen Ursery
The Wilbert Group
404-549-7150 (O)
404-405-2354 (C)
.
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