BERKADIA FACILITATES SALES OF ALABAMA APARTMENT PROPERTIES WORTH MORE THAN $154 MILLION OVER LAST 90 DAYS

Birmingham, Ala. – Berkadia recently negotiated the sale of nine multi-family investment properties over the past 90 days.  The properties, which are located throughout Alabama, consist of 2,475 units and sold for a combined $154,060,000.

David Oakley, managing director of Berkadia’s Alabama office, said that his team negotiated the sales on behalf of the sellers. “These deals are a testament to the dedication of our team and the strength of multi-family market across the Southeast.  We’re grateful for the opportunity to assist investors and look forward to continuing our relationships with them,” Oakley said.

The team’s largest sale of the period – Landmark at Magnolia Glen, a 1,080-unit property on Centennial Drive in Hoover, sold for $71.5 million to an investment group based in Irvine, Calif. 

Most recently, the team facilitated the sale of two Center Point communities, Devonshire and Sun Valley.  The communities sold together for a combined $14.11 million. 

Other Birmingham area sales include Inverness Landing, a 322-unit property, which sold for $27.6 million; River Place on the Cahaba, a 213-property, which sold for $17.7 million; Town Park, a 270-unit property, which sold for $15.025 million; TimberChase, a 94-unit property, which sold for $4.825 million; and Fox Hall, a 36-unit property, which sold for $2.3 million.  In Mobile, Woodland Square, a 128-unit property, for $4 million. 

Royce Emerson and William Parkhurst brokered the River Place on the Cahaba and the Town Park transactions.  Josh Jacobs brokered the TimberChase and the Devonshire-Sun Valley transactions.  

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.