First Communities Buys Birmingham Apartments for $38M
- May 07, 2019
InterCapital Partners has sold Park at Galleria, a 431-unit, Class B community near Birmingham, Ala., to First Communities Management for $37.8 million, according to Yardi Matrix. The buyer financed the acquisition with a 10-year, $26.5 million loan from Grandbridge Real Estate Capital through Freddie Mac.
The community last changed hands in 2014, when CLK Properties sold the property as part of a $63.3 million, 825-unit portfolio deal. The new owner plans to renovate the asset, rebranding it as Latitude at Riverchase.
Located at 550 Hampton Park Drive in Hoover, Ala., the community is a short distance from interstates 65 and 459, 12 miles south of downtown Birmingham. The 1.4 million-square-foot Riverchase Galleria shopping mall is nearby, with plenty of other retail options in the immediate area.
The community’s 21 buildings—built in three phases between 1972 and 1999—contain a mix of one- to four-bedroom apartments, with floorplans ranging from 722 to 1,588 square feet. Amenities include two swimming pools, a fitness center, a dog park and an outdoor kitchen area. As of March, the property was 91.2 percent occupied, per Yardi Matrix data.
The new owner has taken over management of the asset from DayRise Residential. First Communities manages a number of assets across the country, including a recently refinanced luxury property in Nashville, Tenn.