AL Student Community Changes Hands

A joint venture between Alex. Brown Realty and Student Quarters paid nearly $9 million for the 60-unit property near the University of Alabama at Birmingham.
University Flats. Image via Google Street View

The Cityscape Group has sold the University Flats, a 60-unit student housing community in Birmingham, Ala., for $8.7 million, according to Yardi Matrix. Alex. Brown Realty partnered with Student Quarters to acquire the asset, financing the purchase with $7.1 million from KeyBank.

Located at 1101 11th Ave. S., the community is positioned half a mile from the center of the University of Alabama at Birmingham’s campus. The property is close to Interstate 65, with a nearby bus stop connecting the area to the city’s downtown.

The University Flats opened in late 2014, developed by the Cityscape Group with $6.9 million in construction financing from Branch Banking and Trust Co. The property contains a mix of one- and two-bedroom units, with floorplans ranging from 822 to 1,345 square feet. The community’s amenities include a fitness center, Wi-Fi in the building’s common areas and washers and dryers in each apartment. Covered parking spaces are at grade level, beneath the structure.

Nearly one year ago, Alex. Brown Realty sold a 316-bed student community near Texas State University to Alden Street Capital. The buyer financed the acquisition with a long-term Fannie Mae mortgage provided by CBRE.