A Cleveland, Ohio-based investment company bought two Hoover apartment complexes totalling 696 units for a combined $75 million.
Crowne Falls and Crowne at Galleria Woods, near Hoover’s Embassy Suites and Riverchase Galleria, have been sold to Zaremba Management Company. The seller was Birmingham’s Vista Communities Venture, LLC, who bought the properties in 2011.
Bo Flurry and Justin Uffinger of Birmingham’s Rock Apartment Advisors facilitated the transaction.
“This sale showcases the demand for well located, quality construction in the Birmingham multifamily market,” Bo Flurry, Managing Director at Rock Apartment Advisors, said in a statement. “2013 and 2014 were highly active years for multifamily sales in Birmingham and it appears this momentum will continue into 2015.