BIRMINGHAM, Ala. --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Highland Ridge Apartments, a 66-unit apartment community located in Birmingham, for $2.075 million.
David Oakley, senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing both the seller, Cedar Tree Properties, LLC, based in Birmingham, as well as the buyer, Highland Ridge I, LLC, also based in Birmingham.
The buyer has already begun extensive renovations after renaming the community, Element 26. Upgrades include all new appliances, counter tops, flooring, hardware, and fixtures. Renovation estimates total nearly $800,000.
Highland Ridge, built in 1970, has a total of 21,218 square feet of rentable living space.
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