Birmingham Asset Changes Hands for $39M
The 468-unit, Class B property contains a mix of one- to three-bedroom apartments situated near Interstate 65, providing convenient access to Birmingham’s downtown area.
By Jeff Hamann
A joint venture between Balfour Beatty Communities, Apex One Investment Partners and Torchlight Investors has acquired Riverchase Landing, a 468-unit Class B community near Birmingham, Ala. The buyers purchased the asset from previous owner TVO Groupe for $39.2 million, or an average $83,761 per unit, according to Yardi Matrix. The new ownership financed the acquisition with a 10-year, $29.9 million Freddie Mac loan.
Located at 200 River Haven Circle in Hoover, Ala., Riverchase Landing sits within one mile of Montgomery Highway and interstates 65 and 459, enabling easy access to downtown Birmingham. The property’s 26 garden-style buildings offer a mix of one-, two- and three-bedroom apartments, ranging in size from 1,070 to 1,900 square feet.
A wealth of amenities
On-site community amenities include a fitness center, three swimming pools, a laundry facility, two tennis courts and a clubhouse. The property contains a total of approximately 900 parking spaces for residential use. Balfour Beatty plans to begin both interior and exterior renovations to the buildings, which were completed in 1984 and 1992, with amenity upgrades also in the works.
“We continue to actively pursue well-positioned properties in attractive submarkets that offer significant upside potential and Riverchase Landing certainly fits that criteria,” said Chris Williams, president of Balfour Beatty, in a prepared statement.
Image courtesy of Yardi Matrix