Two Hoover apartment complexes recently sold as part of a $73 million deal.
Newmark Knight Frank Multifamily said The Falls and Woods of Hoover, with a combined 696 units, were purchased for $104,885 per unit and were 94 percent occupied at the time of sale.
Birmingham-based Senior Managing Directors Bo Flurry and Justin Uffinger represented both the buyer and the seller. The portfolio was sold by Fairview Park, Ohio-based Heritage Income Properties and was acquired by BH Equities of Des Moines, Iowa.
The Woods of Hoover was sold as part of a $73 million deal.Newmark Knight Frank Multifamily
“The Falls and Woods of Hoover received strong interest from an extensive list of very well-known multifamily operators across the country," Flurry said. "The combination of the properties’ strong locational features, renovation upside and Hoover’s limited pipeline supply offered the ideal value-add scenario that many buyers are seeking.”
Constructed in three phases in 1996, 2000, and 2002, The Falls and Woods of Hoover have one-, two-, and three-bedroom floorplans with amenities including three pools, fitness centers, clubhouses, a playground and three tennis courts.