LMS Trades Renovated AL Community
- Aug 29, 2018
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.
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