Hendricks-Berkadia Alabama Office Capped 2013 with Sales of Three Apartment Communities Totaling 367 Units for $14,610,000

Birmingham, Ala. -- Hendricks-Berkadia Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated sales of Three Apartment Communities totaling 367 Units for $14,610,000. The 180-unit Chadwick Place in Huntsville sold for $7,450,000 as Partner David Oakley from the Alabama Office, Partners Hal Warren and Cole Whitaker from the Orlando Office and Vice President Jason T. Stanton in the firm’s Tampa office represented the seller, The Hallmark Companies of Atlanta. The property was sold to a Southeast Holdings of Dexter, Mo. Oakley represented the seller, Ruffner Mountain Management of Birmingham, Al., in the sale of Alpine Village. Buyer Cofinance Inc. of Hackensack, N.J., purchased the 160-unit apartment community in Hoover, Ala., for $6,500,000, while also assuming the existing Fannie Mae loan. Senior Investment Advisor David Etchison and Senior Associate Josh Jacobs in the Alabama Office of Hendricks-Berkadia, represented a California seller in the sale of the 27-unit Medford Manor. The December sales bring the annual sales total to 39 communities brokered by the Alabama Office of Hendricks-Berkadia. The more than 9,050 units sold for nearly $510 million in 2013. Additionally, the Oakley and the Florida teams brokered the sale of seven properties of the 11-property Gulf Coast Portfolio. With a combined 1,929 units, the apartment communities located throughout Alabama and Florida sold for a total of $147,700,000, or $76,568 per unit, in November. Also in the fourth quarter, another portfolio sold for $105,900,000 involving five Birmingham properties. The Alabama Office brokered the Magic City Five Portfolio between the seller, Abbey Residential Services Inc. of Birmingham, and buyer, Goff Capital Partners of Centennial, Co. The communities, ranging from 168 units to 649 units, were more than 90 percent occupied at the time of the sale. Economic indicators are expected to strengthen in the Birmingham apartment market over the coming year. Payrolls are expected to expand by 4,400 new jobs in 2014. At the same time, the demand for apartments will increase with 280 newly occupied units this year and more than 600 units absorbed in 2015. The rising leasing activity will support increased asking rents, which are projected to grow 2.7 percent to $860 per month by year-end, the fastest rate in seven years. Moreover, construction activity will remain relatively light as just 540 units are projected to come online throughout 2014. ABOUT HENDRICKS-BERKADIA Hendricks-Berkadia is one of the nation’s largest multifamily investment sales firms. Operating from more than 60 offices, the company offers clients access to experienced professionals nationwide whose singular focus is to assist them in maximizing the value and managing the risk of their multifamily properties. Hendricks-Berkadia’s success is built on a solid platform of proven, traditional real estate brokerage strategies and values backed by unparalleled access to capital and financial expertise, concentrated exclusively on the multifamily industry.