Dasmen Residential Buys 2 AL Communities
The Embassy Group has sold two Birmingham properties, the 276-unit Madison at Shoal Run and and Mountain Lodge, which comprises 254 units.
By Dees Stribling, Contributing Editor
The Embassy Group LLC has sold two properties in Birmingham to New York-based Dasmen Residential. Altogether, the buyer paid $40.8 million for the properties.
Built in 1986, the 276-unit Madison at Shoal Run features one-, two- and three- bedroom units. Common amenities include a clubhouse, a fitness center, tennis courts and a dog park. The property sold for $23 million.
Mountain Lodge, which sold for $17.75 million, features 254 one-, two- and three-bedroom units. Its common amenities include a pool with a sun deck, a fitness center, a picnic area and a playground. Built in 1973, Mountain Lodge was 91 percent occupied at the time of sale.
Serving Vestavia Hills
Mountain Lodge, which is in Vestavia Hills, represents 254 units out of about 2,000 that serve all of Vestavia Hills. A population approaching 37,000 in Vestavia and a home ownership rate of about 95 percent (well above the national average) point to strong future rental demand there. Madison at Shoal Run, in a more suburban location than Mountain Lodge, will benefit from recent development and activity on the U.S. 280 and U.S. 119 corridor.
“At the time of sales, Madison at Shoal Run had recently undergone interior upgrades on more than half the units,” said Berkadia senior managing director David Oakley, who facilitated the sale. “The buyer has plans to continue interior renovations throughout the remaining units.”
“Mountain Lodge has gone through interior upgrades on just under a quarter of the property’s units, along with renovations to the office and fitness center,” Oakley added. “The buyer has plans for Mountain Lodge and anticipates a large-scale capital program in the coming months. Renovations will include amenity upgrades, exterior painting, and heavy landscaping.”