Birmingham, AL – May 13, 2021— Berkadia announced today the sale of 100 Inverness, a 322-unit Class B multifamily property Birmingham, Alabama. Senior Director David Wilson, Associate Director Caleb Frizzell and Director Steve Nunnelley of Berkadia Birmingham, with support from David Oakley of OG Capital, arranged the sale on behalf of Colorado-based FPA Multifamily.
Senior Managing Director Tucker Knight of Berkadia Houston helped facilitate the assumption of the existing Berkadia-originated loan. Three seasoned multifamily investors from Texas syndicated the buyer group and this was their first acquisition in Alabama.
“The unique wooded setting on a lake and private golf course, coupled with the affluent surroundings and opportunity to enhance the amenities and views unlocking major rent premiums, was particularly attractive to investors,” said Wilson. “All units had been previously renovated, but many were in need of modernization, making this an attractive value-add opportunity. The property featured the largest units in the submarket with 62 huge townhomes over 1,850 square feet.”
FPA Multifamily, a large private equity group, acquired the property in 2015 and completed extensive renovations over the past five years including major exterior updates, renovating the clubhouse and upgrading over 200 units.
Located at 100 Inverness Lane, the property is on a 39-acre lakefront site in the Highway 280 submarket of Birmingham. The property features 2,450 feet of shoreline on Lake Heather and extensive frontage on the Inverness Country Club golf course. The property was built in two phases in 1974 and 1979 and was the first major apartment property to be developed in the Highway 280 corridor submarket of Shelby County.
100 Inverness sells to Texas investors for $38M | Birmingham Business Journal
Berkadia Arranges Sale of 322-Unit Birmingham MF Property | Connect Media
Berkadia Brokers $38.3M Sale of 100 Inverness Apartments in Birmingham | REBusiness Online