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Birmingham Multifamily Portfolio Trades for $58M

Marcus & Millichap has arranged the sale of two multifamily properties in the Birmingham metro area. The two properties sold for a total of $58.2 million.

The properties include Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.4 million and Renaissance at Galleria, a 244-unit property in Hoover that traded for $26.8 million. The properties are nearby Interstate 459, a Whole Foods Market location, AT&T’s Corporate Offices and Riverchase Office Plaza. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994.

Josh Jacobs of Marcus & Millichap represented the seller, West Palm Beach-based Myers Apartment Group, in the transaction. The buyer was Carter Funds.

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Inside The Story

Marcus & Millichap’s Jacobs

About David Cohen

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.

  • ◦Acquisition
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