The OG Capital Staff (L to R)
Jordan Weaver, Acquisitions Associate Michael Krombach, Vice President /General Counsel David Oakley, President/Owner Mark Hinson, Asset Manager/CFO Amy Scalise, Office Manager/Accountant |
BIRMINGHAM,
AL – An affiliate
of OG
Capital, LLC, a Birmingham real estate investment firm,
has acquired Riverbend Apartments. The 144-unit apartment community, built in 1980
overlooking the
Coosa River and its Lake Logan Martin Reservoir, is 30 miles east of Birmingham
.
OG
Riverbend, LLC,
a Delaware limited liability company, purchased the property from
Riverbend Apartments, LTD of Birmingham for $9.4 million.
 |
| Lake Logan Martin Reservoir on the Coosa River, 30 miles east of Birmingham, AL |
Riverbend
– to be re-branded as RiverHouse – consists of one, two, and three-bedroom
apartment homes, a community pool and clubhouse in a quiet setting spanning 27
acres. More than 4,000 feet of frontage on Coosa River/Lake Logan Martin
offers residents a private boat launch, swimming and water sports.
OG
Capital plans to extensively renovate the entire property and amenity package
by improving and expanding the existing fitness center, and adding new
community docks, fire pits and grill stations, according to Michael
Krombach, COO at OG Capital. Additional improvements
will be made later in the project.
“Our improvements are aimed at increasing lifestyle value by creating a sense of place and capturing the community’s unique setting and location on the water,” he said. “We always try to prioritize the experience of being a resident at one of our communities. RiverHouse will be a great opportunity to continue that emphasis.”
Riverbend Apartments, 417 Riverbend Road, Riverside
in St. Clair County, to be re-branded as RiverHouse
Krombach added that Riverbend was acquired from the original developer for well below replacement cost, a compelling reason for the long-term investment along with its irreplaceable location on the river/lake. Good floor plans, ample room for amenitization and the opportunity to enter into a growing Pell City Metro market were also key factors.
Located at 417 Riverbend Road, Riverside in St. Clair County, the community is within the Pell City Schools district, and a five-minute drive to Honda Manufacturing of Alabama, a $2 billion, 4.2 million square foot plant that directly employs nearly 6,000 workers and is the area’s largest employer.
OG Capital hired Arlington Properties, Inc. of Birmingham , AL to manage the community.
OG is headquartered in Birmingham , Alabama and was founded in 2007 by David Oakley.
Contacts:
David Oakley, CEO, OG Capital, LLC
205-913-4632, or David.Oakley@og.capital
Michael Krombach, COO / General Counsel,
OG Capital, LLC
904-233-4608 Michael.Krombach@og.capital
Beth Payan, Larry Vershel Communications
Inc.
407-644-4142 or 407-461-3781 (direct); Beth@LarryVershel.com
