A local investor, Gladstone Equity Partners, has purchased Cliffview Apartments, a 14-unit apartment community in the Southside area of Birmingham, AL. Micah Dodd with Harbert Multifamily Advisors brokered the transaction.
The financial terms of the deal were not disclosed. Built in 1967, Cliffview will undergo capital projects to modernize the exterior and interior of the property. As businesses and residents flock to the downtown area, the demand for renovated units in the area is at an all-time high. Dodd stated, “With Cliffview’s prime location near major employers, local restaurants, and boutique retail, the Buyer plans to capitalize on the pent-up demand for renovated units. By modernizing the property, the Buyer can offer premium units at a much more affordable price point than nearby Class A housing.”