Hendricks-Berkadia brings buyer, seller to table in $32.4 million acquisition of Tapestry Park Apartments in Birmingham

BIRMINGHAM, Ala. --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, represented both buyer and seller recently in the $32.4 million acquisition of Tapestry Park Apartments, an upscale 196-unit apartment community located in Birmingham. Senior associate Royce Emerson of Hendricks-Berkadia in Birmingham along with senior vice president David Oakley, negotiated the transaction representing both the seller, Birmingham-based Glenmont Arlington Montclair LLC, a Delaware limited liability company, and the buyer, SIR Tapestry Park LLC, a California-based Delaware limited liability firm whose parent company is Steadfast Companies which owns and operates over 14,000 units across the U.S. Built in 2012 with high-end finishes throughout all of its one, two and three-bedroom units, Tapestry Park’s location and design make it one of the most desirable rental apartment communities in the Birmingham area, Emerson said. The property was 96 percent leased at the time of closing, with average rents that rank within the top five percent for the area. Emerson said Hendricks-Berkadia has closed 12 deals in six states valued at more than $265 Million within the past 24 months for Steadfast Companies.