Berkadia Arranges Sale And Financing Of 322-Unit Apartment Property In Birmingham, Alabama

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 Houstonhelped facilitate the assumption of theexisting Berkadia-originated loan.Threeseasoned multifamily investors from Texassyndicatedthe 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 yearsincluding major exterior updates, renovating theclubhouse and upgrading over 200 units.

Located at 100 Iverness 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 Heatherand extensive frontage on theIvernessCountry 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.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.