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.”

PulteGroup Names Centex Sales Consultant Sales Leader in South Florida for July

Fort Myers, Fla. --- PulteGroup in South Florida has named Katherine Blower its July New Home Sales Leader for selling the highest number of new homes during the month at the Centex community of Cypress Falls at the Woodlands located in North Port off Panacea and Toledo Blade Blvds. just south of I-75. Blower, who has been with PulteGroup for three years, is a native of Maryland but has lived in South Florida 12 years and is active in her community as a volunteer fundraiser. She has 24 years of experience in new home sales ranging from on site entry level homes to off site custom designed homes, and has held real estate licenses in Pennsylvania, Maryland, Tennessee and Florida. Scott Mairn, vice president of sales and marketing for PulteGroup, Inc. in South Florida, said he looks forward to a long career and continued sales success for Blower with the Centex brand and PulteGroup in South Florida.