Alabama Community Changes Hands for $27M

Carter Multifamily acquired the 240-unit Summerchase at Riverchase, a multi-building community in Hoover.
Summerchase at Riverchase. Image courtesy of Carter Multifamily

Carter Multifamily continues to expand its southeastern portfolio with the addition of Summerchase at Riverchase, a 240-unit community in Hoover, Ala. The property sold for $26.7 million. Yardi Matrix identified the seller as Tribridge Residential.

Situated on 25 acres at 100 Summerchase Drive, the community offers direct access to Birmingham via Interstate 65 and 495. Nearby amenities include schools, eateries, some 5.5 million square feet of retail, as well as entertainment options and attractions such as Aldridge Gardens and Ross Bridge Historical Park.

The new owner plans to upgrade the 1988-built asset’s interior and exterior. Summerchase at Riverchase encompasses 16 buildings of two stories each. The one- and two-bedroom apartments range in size between 806 and 1,122 square feet, Yardi Matrix data shows. Community amenities include a clubhouse, resort-style pool and spa with sundeck, outdoor grilling areas, fitness center, tennis courts, two pet parks and on-site laundry facilities.