Berkadia Brokers $101M Sale of 1,060-Unit Apartment Property in Birmingham
Berkadia has arranged the sale of The Park at Hoover, a 1,060-unit garden-style multifamily property in the Birmingham suburb of Hoover. The Class B property is the largest apartment property in the state. The sales price was $100.7 million.
The Park at Hoover is located at 2135 Centennial Drive. The 920-unit Phase I is located in the City of Hoover and was completed in 1988, while the newer 140-unit Phase II was built in 1996 and is located in unincorporated Jefferson County. Community amenities include four swimming pools, one of the largest fitness centers in the market, four tennis courts, a sports court, dog park, playground and a clubhouse.
David Oakley, David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia’s Birmingham office represented the seller, Westside Capital Group, in the transaction. In addition, Charles Foschini and Chris Apone Berkadia originated two Freddie Mac-backed loans for Westside, which included a $66.6 million loan for Phase 1 and a $9 million loan for Phase 2. Both were 10-year, floating rate loans.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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