BIRMINGHAM, ALA. – Berkadia has negotiated the $ 38.3 million sale of 100 Inverness, a 322-unit Class B multi-family property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the Colorado-based seller, FPA Multifamily, in the transaction.
Tucker Knight of Berkadia assisted the anonymous buyer with taking on an existing loan from Berkadia on the property as part of the transaction. Three seasoned multi-family investors from Texas have syndicated the group of buyers for this transaction, the first acquisition in Alabama for the new owner.
Located at 100 Iverness Lane, the property is situated on a 39-acre lakeside site in the sub-market of Highway 280 in Birmingham. 100 Inverness has 2,450 feet of shoreline on Heather Lake and frontage on the Iverness Country Club golf course. Community amenities include swimming pools, tennis courts, a 24-hour fitness center, two garages, and private balconies and patios. The property was built in two phases in 1974 and 1979 and has 62 townhouses covering over 1,850 square feet. The apartments are 97 percent occupied.
FPA Multifamily, a private equity group, acquired the property in 2015 and has completed renovations over the past five years, including exterior updates, lodge renovations, and upgrades to over 200 units.