Birmingham apartment complex involved in sales totaling $39 million

The Park at Alloa

The Park at Alloa, a 270-unit property in Birmingham, Alabama was sold to Utah-based Peak Capital Partners

Apartment complexes in Birmingham and Phenix City were involved in two separate deals totaling almost $39 million.

Berkadia announced the deals for two garden-style multifamily properties. Senior Managing Director David Oakley, Senior Director David Wilson and Associate Directors Caleb Frizzell and Jay Briley, all of Berkadia’s Birmingham office, completed both sales.

The Park at Alloa, a 270-unit property in Birmingham, was sold to Utah-based Peak Capital Partners for $21 million. The deal closed on October 3. Florida-based Blue Magma Residential was the seller. Managing Director Matt Schildwachter of Berkadia’s Denver office also secured financing for the acquisition of this property.

Located at 701 Crest Valley Way, The Park at Alloa affords access to Crestwood Boulevard and the Avondale Entertainment District.

“The Park at Alloa is another strong indicator of the growth happening in the Crestwood submarket. It will become the most recent of several nearby properties to undergo significant renovation,” Frizzell said. “An influx of new product downtown has led to higher rent growth and an increase in investment in the Crestwood area. Given the proximity to both Avondale and Mountain Brook, we anticipate this trend to continue in the submarkets East of downtown.”

Steeple Crest, a 200-unit property in Phenix City, was sold by the property’s original owner and developer to Texas-based Pillar Income Asset Management for $17.95 million. Pillar assumed the existing HUD loan. The price represented the second highest price ever achieved for a property in Phenix City. The highest price being another Berkadia-brokered sale in 2018.

Located at 5001 River Chase Drive, Steeple Crest lies just across the Chattahoochee River from Columbus.

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