BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has brokered the sales of two Birmingham apartment communities totaling 506 units. The properties — the 256-unit High Pointe and the 250-unit Brookstone — sold for a total of $21.1 million.
Jimmy Adams, Managing Director for MHA who oversees the firm’s Birmingham office, represented the seller, Ruffner Mountain, in both of the transactions. A Michigan-based LLC purchased the two properties.
Both sales were loan assumptions, closing in 60 days or less from application, and the transactions mark the buyer’s first purchases in Alabama. High Pointe sold for $13 million, Brookstone for $8.1 million.
With the closings, MHA’s Birmingham office has completed 20 investment sales this year. MHA, which also has offices in Atlanta and Charlotte and completes deals throughout the South, is aiming to close 100 transactions in 2013.
“The number of apartment sales that we’ve completed this year is a powerful indication of the ongoing demand for multifamily investments as well as our ability to find the right buyers for our clients’ properties,” Adams said. “With the apartment sector poised to continue to thrive in the near future, we anticipate the pace of activity to remain brisk as well.”
High Pointe and Brookstone were built in 1974 and 1983, respectively.
MHA recently expanded its Charlotte office and intends to open additional offices in the South. The firm has made a number of significant new hires over the past year as well, adding experienced brokers to expand its geographic reach and to take advantage of the increasing volume of multifamily investment sales.
About Multi Housing Advisors:
Multi Housing Advisors (MHA) has become known as a solid leader in the multi housing industry. The company, founded in 2002, was established to bring a focused brokerage platform to growing markets throughout the Southeast. Since that time, MHA has created value for clients in virtually every sector of the multi-housing market. The MHA team works hard to build and enhance value by leveraging strong attention to detail, accessing an active investor base and capitalizing on its vast market knowledge in ways that benefit every aspect of the transaction process.
MHA enjoys a total sales transaction volume that has surpassed $2.4 billion, representing more than 75,000 units and more than 450 individual transactions. MHA serves local, regional and national clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth.
For more information, visit www.usmha.com.
For More Information, Contact:
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)