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HFF Completes $55M Sale, Arranges Financing for Alabama MF Acquisition
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HFF completed the $55.2-million sale of Station 121, and arranged financing for the 255-unit, Class A, mid-rise apartment community in Birmingham, AL. Miami-based Advenir, Inc. acquired the property from Wicker Park Capital Management, LLC. The asset was purchased free and clear of existing financing, and Advenir is rebranding Station 121 as Advenir @ Station 121.
Station 121 is situated on 2.75 acres at 2000 2nd Avenue South in downtown Birmingham. In addition to the 255 residential units averaging 764 square feet, Station 121 also has six 100-percent-occupied, ground-floor retail spaces totaling 21,194 square feet.
HFF’s investment sales team representing the seller included Jason Nettles and Megan Thompson. HFF’s debt placement team representing the buyer included Eric Tupler, Josh Simon and Chip Sykes.
Advenir utilized its $100 million revolving credit facility that HFF secured on its behalf earlier this year for the acquisition. This is the second asset placed on the facility this year.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
