Hendricks & Partners and The Oakley Group Negotiate Sale of Large Birmingham Ala. Apartment portfolio for $32,100,000

ORLANDO - Hendricks & Partners, one of the nation’s largest multifamily advisory and research firms and The Oakley Group co-listed and negotiated the sale of the Highland Multi-Family Portfolio of apartment properties in Birmingham for $32,100,000.

Cole Whitaker, who heads the Southeast region for Hendricks & Partners in Orlando, said Abbey Residential, LLC of Birmingham acquired the portfolio, which includes 1,782 apartment units, and ranks among the largest unit sales in Birmingham history.

The portfolio includes three apartment communities, Highland Peak, with 585 apartments at 114 Aspen Circle in Homewood, Highland View with 644 units located at 700 Aspen Drive in Birmingham and Highland Bluff with 553 apartment units at 200 Robert Jemison Drive in Birmingham

“The Highland Multi-family Portfolio sale points to the strength of the Birmingham market,” Whitaker said. “Market response to this offering was exceptionally strong, and all of us are pleased that the properties were acquired by a Birmingham company,” he said.

“We are very appreciative of the support Hendricks & Partners and The Oakley Group provided in achieving the 30-day due diligence period and contract parameters to close this transaction in 60 days, said J. Frank Barefield, Jr., president of Abbey Residential, LLC. “That is a very difficult task for 1,782 distressed units,” he added.

“Abbey Residential was the perfect fit for this deal,” said David Oakley. “They did exactly what they said they would do throughout the entire process—there were no retrades and no extensions. That goes a long way in our industry and demonstrates the high standards of Abbey Residential,” Oakley explained.

Whitaker headed the Hendricks & Partners team that negotiated the sale along with associate partner Hal Warren of Orlando, and Associates John Clayton, Aaron Hargrove and Tim McKay who work out of Hendricks & Partners south central office. Hendricks & Partners and The Oakley Group represented the seller REDUS Alabama Commercial, LLC (Wells Fargo Bank, N.A.) of Atlanta, Charlotte and Los Angeles.
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For more information, contact: Cole Whitaker, Managing Partner, Hendricks & Partners 407-256-9594; David Oakley, The Oakley Group, Inc. 205-918-0785; Hal Warren, Associate Partner, Hendricks & Partners 407- 256-9594; Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

About Abbey Residential, LLC: Abbey Residential, LLC a privately held multifamily property owner headquartered in Birmingham, Ala., owns 8,000 units in Texas, Alabama, Georgia, Florida and South Carolina valued at over a half billion dollars. Abbey has been in business for over 26 years and is active in acquiring existing properties to be repositioned as well as the construction of new multifamily properties.

About Hendricks & Partners: Hendricks & Partners is the nation’s largest multifamily advisory and research firm. Since its inception, the firm has delivered the industry’s finest marketing and research platform by focusing exclusively on multifamily owners, multifamily properties, and the nation’s apartment markets. This focus allows the firm to create the most efficient apartments-only marketplace, as well as recruit expert advisors, research professionals and support staff to ensure that every innovation, from new marketing techniques to the collection of market data, achieves maximum value for apartment owners, investors, lenders and servicers.

About the Oakley Group:The Oakley Group, Inc. is a commercial real estate firm with a primary focus on multi-family brokerage and management services based in Birmingham, Alabama. With our unsurpassed local market knowledge and relationship network, The Oakley Group strives to provide quality service to both institutional and private investors. Our approach is simple; offer a realistic assessment of property value, provide quality management services to both residents and owners, and work through every detail with honesty and integrity. Because our primary focus is on multi-family we have the capability to deliver brokerage services seamlessly and efficiently by individualizing each client’s goals and objectives.

Central Florida Advisors, a Grubb & Ellis|Commercial Florida Subsidiary, Increases Portfolio of Tax Advisory Properties by 300 Percent

ORLANDO - Last year, Central Florida Advisors, the tax advisory subsidiary of Grubb & EllisCommercial Florida, represented properties valued at more than $100 million.

This year, Central Florida Advisors represents properties valued at more than $460 million in Florida, reports Jeff Sweeney, president and managing principal at Grubb & EllisCommercial Florida.

Central Florida Advisors specializes in helping commercial property owners reevaluate their property tax assessments, Sweeney explained.

Central Florida Advisors helped the owners of one suburban-area mixed use property cut their property taxes by nearly 50 percent, Sweeney said.

“That resulted in over $200,000 of tax savings for their bottom line,” he added.

The deadline for appealing property tax assessments in Orange County is Sept. 10.
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About Grubb & EllisCommercial Florida: Grubb & EllisCommercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties. Currently Grubb & EllisCommercial Florida has 45 brokers divided among its Orlando, Melbourne and Tampa offices to serve the entire mid-Florida marketplace.

CONTACTS: Brett Felberg, 407-481-5390; Jeff Sweeney SIOR President 407-481-5387; Larry Vershel Communications 407-644-4142