Berkadia Negotiates $4,075,000 sale of Newly Refurbished Element 26 Apartment Community on Birmingham’s South Side

Birmingham, Ala. --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the $4,075,000 sale of the recently remodeled 66-unit Element 26 apartment community on 14th Ave. and 17th St. on Birmingham’s south side. Joshua Jacobs, investment sales advisor for Berkadia, negotiated the transaction representing the seller, Highland Ridge LLC of Birmingham. Element 26 LLC, a Birmingham investment group, acquired the property, which was 100 percent leased at the time of the sale. Jacobs said Highland Ridge renovated all interiors and exteriors at Element 26 and repositioned and rebranded the property, resulting in a sale price of $61,742 per unit. Arbour Valley will remain as the property manager, Jacobs added. “We continue to see pent-up demand for renovated units in this market, which is certainly encouraging for those considering value-add opportunities.” Element 26 consists of units averaging just under 650 square feet that rent at an average of $1.11 per square foot. Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leading provider of capital solutions and investment sales advisory and research services for multifamily and commercial properties.