Two Homewood, AL Assets Closed by Hendricks-Berkadia for $11,675,000

David Oakley

BIRMINGHAM, AL--- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Knoll Crest, a 150-unit apartment community, and the adjacent Olympia Village, a 127-unit apartment community, both located in Homewood, Ala. for a combined $11.675 million.

David Oakley, partner in Hendricks-Berkadia Alabama office negotiated the sale of Olympia Village and Knoll Crest representing the seller, Knoll Crest Partners, LLC/Olympia Partners, LLC, an Alabama limited liability company, based in Birmingham.

Olympia Village, built in 1976, has a total of 121,002 square feet of rentable living space with one-, two-, three- and four-bedroom apartments. Knoll Crest, built in 1975, has a total of 145,334 square feet of rentable living space with one-, two- and three-bedroom apartments.

The buyer was Knoll Crest Holding Company, LLC/Olympia Partners LLC, based in New Jersey.  Both properties have existing Fannie Mae loans that were assumed at closing by the Buyer.  The approximate balance on the loan for Knoll Crest was $5,629,517 at an interest rate of 4.31 percent.  The approximate balance on the loan for Olympia Village was $4,230,303 at a 6.18 percent interest rate. 

The buyer plans to complete light interior renovations and amenity upgrades to both properties.

The contiguous properties in Homewood are located within a half mile of the Magic City Five Portfolio, which Hendricks-Berkadia recently transacted consisting of five properties totaling 2,244 units that sold for $105,900,000 in the fourth quarter of 2013.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com