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

 BIRMINGHAM - 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 (top right photo), 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. (middle right photo)  “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 (top left photo) 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.

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  

 www.hendrickspartners.com/