Historical Multifamily Sale Listing - Summer Rise

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Summer Rise

1967 East Bend Circle, Center Point, AL 35215

N/A

110 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
110
Building Size:
104,880 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
7.91%
Lot Size:
7.86 AC
Listing ID
18279799
Last Updated
240 days ago

Description

Summer Rise is part of a two-property portfolio in Centerpoint, AL, consisting of Summer Rise and Summer Terrace Apartments.

Summer Rise and Summer Terrace offer investors the opportunity to acquire two performing properties totaling 250 units located in Birmingham, AL. The assets can be acquired together as a portfolio or separately. By implementing a shared management plan and increasing revenues, new ownership can realize increased income and NOI.

The portfolio is located in the Birmingham MSA which is the most populous area in the state of Alabama. The MSA has historically experienced consistent, measured growth as the major municipalities do not allow for new multifamily zoning. Average apartment vacancy rates have held in the mid-4% to mid-5% range for much of the past decade. The assets are located in immediate proximity to Center Point Parkway (Hwy 75) with convenient access to I-59 and I-459 which provide connectivity to all areas of the MSA.

Map of 1967 East Bend Circle, Center Point, AL 35215 (Jefferson County)

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