4.6-Acre Birmingham Land Site Closes for $4,350,000

BIRMINGHAM, Ala. --- Berkadia Real Estate Advisors, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of a 4.6-acre multifamily land site located at the northeast corner of Clairmont Avenue South and 34th Street South in the heart of the Lakeview District of Birmingham for $4.35 million. With its premier, urban location, the 4.6-acre infill site is central to an MSA of nearly 1.2 million within a district that has enjoyed an impressive organic growth over the years, with a clear "identity" as the leading entertainment district in the city. The site is convenient to UAB, the state’s largest employer and the Downtown Central Business District, while surrounded by some of the oldest and most prestigious residential neighborhoods in the MSA like Forest Park and Highland. Lakeview is also home to some of the city’s top employers including BBVA Compass Bank, St. Vincents Hospital, Brasfield and Gorrie, over 100 design and construction related firms. There have been a number of false starts on the site across from Highland Golf Course on Highland Avenue since five apartment complexes were razed back in 2005 to make way for a grand condo project. Since condo crash landed the project back in the hands of the lender, numerous groups have attempted and failed to successfully develop the site, until now. David Oakley, partner, and Royce Emerson, senior vice president, at Berkadia Real Estate Advisors' Alabama office represented the lender in the sale of this multifamily development site zoned for 247 units to Bristol Development Group of Franklin, Tenn. The property went through a short marketing period, uncovering a number of local, regional and institutional groups expressing interest. The Buyer, Bristol Development Group, won the project and recently closed, after a short due diligence period. Emerson, who headed up the marketing effort on the property stated, "The significant shift in housing trends nationally toward rent versus purchase for both young professionals and baby boomers alike represent real demand for this type of urban living experience with the fantastic walkability and sense of community you get being located in the heart of the historic Forest Park neighborhood. With the unique architectural designs, high-end finishes and the over-the-top amenities package that the Bristol Development Group are well known for combined with this special location, the project is certain to represent a noteworthy step in the continued revitalization of downtown Birmingham."