Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace Marcus & Millichap and RI Marketplace are pleased to present The Pointe North Apartments, a 48-unit apartment community located at 2000 30th Avenue N in Birmingham, Alabama (the “Property”). The ±85% occupied Property presents investors an excellent opportunity to acquire a cash-flowing multifamily asset that is both generating income and offers future upside opportunities through unit enhancement and lease up. Pointe North Apartments were constructed in 1967 and is comprised of (3) two-story buildings totaling ±32,968 rentable square feet, with an average unit size of ±669 square feet. The Property features semi-private stairwells and balconies off select second floor units. The Property is situated on a single ±1.33-acre parcel and offers abundant parking spaces for residents and guests. All building exteriors are brick veneer on wood. Over $700,000 in renovations have been completed on 24 units since 2020 including full gut renovations to 16 units, new metal roofs in 2022, and parking lot repairs in 2022. The Property is in a federal opportunity zone with potential tax savings for new renovations. Birmingham’s apartment submarket has demonstrated to be a COVID-resistant market. Between 2019 and 2020, vacancies decreased from 6% to 5.6%. During that same period, apartment rents increased 10% from $1,044 to $1,150. Rental demand will continue to increase in this highly desirable market due to its low level of completed units. Between 2015 and 2020, there were no new units that came online in the submarket. Birmingham is the economic focal point of Alabama and the largest city in the state, with an MSA population of 1.2 million. The city is located 140 miles west of Atlanta and 90 miles north of Montgomery. Birmingham’s central, regional location is a major catalyst for economic growth; it is served by four rail freight carriers, Amtrak passenger service and five interstates (I-20, I-22, I-59, I-65 and I-459).