Friday, April 29, 2011

Hendricks & Partners Closes on Four Apartment Communities in the Birmingham area totaling $3.5 million

BIRMINGHAM, Ala. --- Hendricks & Partners, which ranks as one of the nation’s largest multi-family real estate advisory and research firms, closed on four sales of rental apartment communities in the Birmingham area for $3.5 million since the start of the year.

David Oakley, senior investment advisor for Hendricks & Partners in Birmingham, negotiated all four property sales and represented both buyers and sellers in three out of the four transactions.

Wedgewood Apartments, (top left map)  located at 100 Robert Jemison Ave. in Birmingham, sold for $1,350,000 to Abbey Residential, an investment group that includes AR-Highland, LLC, JFB-Highland, LLC and DXM-Highland, LLC, all of Birmingham.

Oakley negotiated the sale of the 54-unit Wedgewood Apartment property along with Hal Warren, associate partner of Hendricks & Partners in Orlando. 

 “Wedgewood Apartments sit adjacent to the Highland Bluffs and Highland View apartments that Abbey Residential acquired in November 2010 and they plan to blend these into their Highland Portfolio,” Oakley said.

 East Bend Apartments (middle right photo), 1968 East Bend Cr. in Birmingham’s Centerpoint area, sold for $1.1 million to Summer Rise, LLC of Birmingham, JIL East Bend Apts. Inc., sold the 110 unit property, which was built in 1971. East Bend Apartments was 78 percent occupied at closing.

Highland court (middle left photo) located in Birmingham’s Lakeview Avondale area, sold for $560,000 to Domar Properties II, LLC of Birmingham. The 36 unit property was 50 percent occupied at closing, Oakley said.  Bulldog Investments, LLC was the seller.

Hillwood Apartments (lower right photo), 100 Pinson Place in Birmingham, sold for $490,000 to Hillwood Apartments, LLC. The 44 unit property in the Pinson community was 59 percent occupied at the time of closing. Superior Bank was the seller and was represented by Bob Schuler with Schuler Realty Investment, LLC

 For more information, contact:  
David Oakley, Senior Investment Advisor, Hendricks & Partners, 205-918-0785
Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880,
Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 or 407-461-3780,

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