LMS Trades Renovated AL Community

The 200-unit property traded for nearly $19 million. The buyer financed the purchase with a $15 million mortgage from Arbor Realty.
The Village at Grants Mill

LMS Real Estate has sold Village at Grants Mill, a 200-unit community near Birmingham, Ala., for $18.8 million. The buyer, a private investor, financed the acquisition with a $15 million mortgage held by Arbor Realty Trust, according to Jefferson County records. 

Located at 5320 Beacon Drive in Irondale, Ala., the property is positioned alongside Interstate 20, 9 miles east of downtown Birmingham. The community is situated near a shopping center and two hotels.

The property’s 17 one- and two-story buildings, constructed in 1985 and completely renovated in 2017, sold during the asset’s lease-up phase. Cushman & Wakefield’s Jimmy Adams and Craig Hey arranged the transaction on behalf of LMS.

The community contains a mix of one- and two-bedroom units, with floorplans ranging from 810 to 1,200 square feet. Following the renovation work, on-site amenities include a swimming pool, a 24-hour fitness center, a dog park, complimentary Wi-Fi and a resident media center.

“The Irondale rental market has been a high-demand location for renters seeking quick access to retail and downtown,” said Adams, executive managing director of Cushman & Wakefield, in a prepared statement. “The asset offered a top-class amenity package compared to the competition, paired with a highly accessible location. Investors spotted a great opportunity to acquire a fully renovated asset in an up-trending submarket with organic rent growth potential.”

Earlier this year, LMS traded a 388-unit Atlanta-area community for $17 million.

Image via Google Maps