Hendricks-Berkadia Negotiates Sale of Madison at Shoal Run Apartments in Birmingham for $18,325,000

BIRMINGHAM, Ala. --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Madison at Shoal Run, a 276-unit apartment community located in Birmingham for $18.325 million or $66,394 / per unit. The purchase involved the assumption of an existing Freddie Mac loan with an approximate balance of $13 million and fixed rate of 6.12 percent. David Oakley, senior vice president in Hendricks-Berkadia’s Alabama office, negotiated the sale representing the seller and the buyer. The seller was Madison at Shoal Run, LLC, an Alabama limited liability company By: Madison at Shoal Run Manager, LLC an Alabama limited liability company, its manager, based in Birmingham. The buyer was TEG Madison at Shoal Run LLC, based in New York. Madison at Shoal Run, a garden-style apartment community built in 1986, has a total of 249,300 square feet of rentable living space with one- and two-bedroom apartments. The buyer intends to spend a material amount of capital repositioning the property through interior and exterior upgrades. “This was a successful transaction on many fronts,” Oakley said. “Located just a few miles from the new Trinity Hospital campus, the buyer has a great strategy to capture the robust activity occurring in the surrounding 280 submarket.”