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| 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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