DEAL OF THE DAY: Real Estate Group Sells Ala. Apartments for More Than $4.3 Million
- Jan 03, 2008
Montgomery, Ala.–Miami-based real estate company Alterra Capital Group has announced the sale of a 120-unit multifamily property in Montgomery, Ala. to an unnamed private investor on the West Coast for approximately $4.3 million.Hidden Creek Village in Montgomery–formerly known as Woodley Downs Apartments–was abandoned and nearly vacant when Alterra acquired the property in 2005 for $1.5 million.The company invested an additional $500,000 in renovations, leaving Alterra with more than $2 million in net profits from the sale. Hidden Creek now features new signage and fencing, a new leasing center, a playground/gazebo area and a refinished swimming pool.The complex’s one-, two- and three-bedroom apartments have private patios or balconies and have been equipped with new appliances, cabinets, carpet, paint, lighting and air conditioning. Hidden Creek also now features high-speed Internet access. The property’s occupancy percentage doubled in less than a year, increasing from 46 to 96 percent. Hidden Creek has maintained a 90 percent or higher occupancy rate throughout 2007.With a value of more than $130 million, Alterra Capital Group’s portfolio of assets includes more than 3,200 units across Tennessee, Alabama, Georgia and Texas.