Wednesday, November 19, 2014

MHA Brokers $33.1 Million Sale of Birmingham, AL Apartment Complex


Jimmy Adams
BIRMINGHAM, AL — Multi Housing Advisors (MHA) has arranged the $33.1 million sale of Springs at Trussville, a 328-unit apartment community at 3539 Mary Taylor Road in Birmingham.

 Jimmy Adams of MHA’s Birmingham office represented the seller, Continental 166 Fund LLC, in the transaction.

“The flight to quality continues in the marketplace, particularly to growing areas like Trussville,” Adams said. “Springs at Trussville is close to major retail along U.S. 11 and consistently enjoys very high occupancy at 95 percent or above. Investors can still make good returns on higher-class properties in secondary locations.”

Somerset Partners LLC acquired the 21.43-acre property, built in 2007, at a 6.4 percent cap rate. The gated community includes a clubhouse, car care center, 24-hour fitness center, resort-style pool and a business center with free Wi-Fi and computer access.

  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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