Birmingham Community Changes Hands
An out-of-state investor purchased the 74-unit Class C garden-style multifamily asset—its first acquisition in the metro—for nearly $3 million.
A private investor has sold Hillside West Apartment Homes, a 74-unit Class C community in Birmingham, Ala., to 1Sharpe Capital for $2.7 million, according to Yardi Matrix. The seller had acquired the property more than a decade ago, purchasing it for $2.2 million from Ruffner Mountain Management in 2008.
Following the sale, the previous owner retired $2.5 million in Fannie Mae financing provided by Arbor Realty Trust in mid-2011.
Located at 5827 Monte Sano Road, the community’s six two-story buildings are situated within 7 miles of Birmingham’s central business district, with a nearby bus route linking the two areas. The asset is roughly 1 mile north of the 550,000-square-foot Western Hills Mall, with the Bessemer Road retail corridor a stone’s throw away.
Constructed in 1988, Hillside West contains two-bedroom apartments with 784-square-foot floorplans. The property was 94.6 percent occupied as of March, per data from Yardi Matrix. The asset is 1Sharpe’s first acquisition in Birmingham. Less than 7 miles east, another multifamily property recently changed hands when the Cityscape Group traded a 60-unit student community for nearly $9 million.