The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for City Heights Hoover, a 160-unit multifamily community located in the Hoover suburb of Birmingham.
Cushman & Wakefield’s Andrew Brown, Craig Hey and Jimmy Adams represented the seller in the $15.37 million transaction. Greystone’s Steven Vainer originated an $11.6 million bridge loan featuring interest-only payments. The multifamily property was sold by SB Pacific Group. The buyer is a joint venture between 3MC Partners and Hinze Real Estate Partners.
“The property is poised for unparalleled growth in the coming years due to restrictions on new multifamily developments in the area and with current market rents well-below its nearby competitive set. New ownership has plans for an extensive rehab to the asset’s unit interiors, common areas and amenities,” said Brown, Managing Director at Cushman & Wakefield.
“Strong market fundamentals certainly support favorable financing for this property,” added Steven Vainer, Managing Director at Greystone. “Additionally, Greystone’s close relationship with Cushman & Wakefield as a joint venture partner ensures we have an acquisition financing solution that can fit the client’s needs. We are thrilled to have helped 3MC Partners and Hinze Capital add this quality asset to their portfolio.”
Built in 1975, City Heights Hoover offers is in a highly desirable location with a top five ranked school system nearby along with strong visibility and frontage on Lorna Road. The property is also minutes from more than 10,000 jobs and 5.5 million square feet of quality retail amenities that are available in the surrounding area. Amenities on-site at City Heights Hoover include a fitness center, pool, grill and on-site laundry facilities.
“We are excited to add another Birmingham asset to 3MC’s multifamily portfolio in partnership with Hinze Capital. This is a great property and we look forward to creating an even better community for the residents who live here as we make further improvements to the property,” said Matt Bodnar, one of 3MC’s founding partners. “In partnership with Hinze Capital, we can further 3MC’s mission to invest in quality multifamily assets across the Southeast,” Bodnar continued.