BIRMINGHAM, AL – Rock Apartment Advisors has advised clients in transactions totaling over $100M and 1,500 apartment units located across Tennessee, Louisiana, and Alabama in the 4th quarter of 2014. The transactions involved properties presenting a wide range of investment opportunities including stabilized class A, major renovation and repositioning, and class B value add through interior and amenity upgrades. Two transactions involved assuming attractive in-place debt with the remaining closed using new financing.
Rock represented an Ohio based owner of Shallowford Trace, a 252 unit apartment community in Chattanooga, TN. Justin Uffinger, a Senior Associate with Rock, led the transaction which closed in October. The property was purchased by a Connecticut based buyer.
Four transactions closed in December including Broadmoore Gardens in Tuscaloosa, AL. The 360 unit property was purchased by a Los Angeles based investor with Rock representing the seller. Turtle Place and the Mark apartments, a two property package totaling 232 units, was acquired by a Colorado based buyer in their first transaction in the Montgomery market. Rock represented the Atlanta based owner in the transaction. Bo Flurry, Managing Director with Rock represented the sellers in both transactions.
Justin Uffinger with Rock advised a Birmingham and New York based partnership in their acquisition of the 316 unit Carriage Parc apartments in Chattanooga, TN. Rock and CBRE Memphis’s multifamily group represented the sellers of the 314 unit Island Park Apartments in Shreveport, LA which was purchased by a Chicago based company.
“These transactions provide an excellent gauge on the tremendously active multifamily market in the Deep South markets. They showcase Rock’s ability to communicate the appeal of these markets to the increasing amount of investors in search of yield not available in major core markets,” states Bo Flurry, Managing Director at Rock Apartment Advisors.
Rock Apartment Advisors is a Birmingham-based commercial real estate firm with an exclusive focus on apartment brokerage services throughout the Southeast. Rock has developed a strong reputation based on market knowledge and a proven platform to access the nation’s most aggressive capital. Rock Advisors has brokered over $1.9 billion in apartment transactions since its inception in 2003.