Colorado Buyer Acquires 196 Units in Value-Add Play

Residential Ventures of Denver paid north of $10 million to acquire the 196-unit Mountainside, an apartment complex at 101 Penthouse Dr. in Birmingham, AL. Jimmy Adams and Craig Hey of Multi Housing Advisors represented the seller in the transaction.

According to the brokers, the buyer ended up with one of the largest multifamily assets on Birmingham’s south side, which is located south of the metro’s CBD. “The buyer plans to inject significant capital into the project and to continue the value-add campaign currently in place,” Adams noted, in a statement.