Multifamily
The Pointe Apartments
1814 Bond Cir NE, Center Point, AL 35215
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present the exclusive opportunity to acquire The Pointe Apartments, 198 units located in Birmingham, Alabama. The Pointe Apartments arrives to market on the heels of a significant $4mm ($21,000/unit) repositioning campaign, which included strategic capital injections across notable asset preservation items such as roofs, windows, siding replacements, and select interior renovations across +/- 30 units which are ongoing and expected to be completed prior to closing. These updates are in addition to a $10mm capital infusion which took place in 2005 and will allow future ownership to capitalize on creating operational efficiencies which will further drive top line growth in the coming year.
The Pointe Apartments
Investment Highlights
- Built in the early 1970's, 179 out of the 198 units at The Pointe are classified under Section 42 Low Income Housing Tax Credits and are currently in the extended use period.
- Max Allowable Rent levels have risen steadily in recent years, up over 25% and now averaging $1,250/month. The next investor will realize an above market cap rate (projected 8.75% year one cap rate)
- Major employers in the region, such as Regions Financial, Blue Cross and Blue Shield of Alabama, and Southern Company, continue to invest in local expansion and innovation
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Built in the early 1970's, 179 out of the 198 units at The Pointe are classified under Section 42 Low Income Housing Tax Credits and are currently in the extended use period.
- Max Allowable Rent levels have risen steadily in recent years, up over 25% and now averaging $1,250/month. The next investor will realize an above market cap rate (projected 8.75% year one cap rate)
- Major employers in the region, such as Regions Financial, Blue Cross and Blue Shield of Alabama, and Southern Company, continue to invest in local expansion and innovation
Investment Overview
Marcus & Millichap is pleased to present the exclusive opportunity to acquire The Pointe Apartments, 198 units located in Birmingham, Alabama. The Pointe Apartments arrives to market on the heels of a significant $4mm ($21,000/unit) repositioning campaign, which included strategic capital injections across notable asset preservation items such as roofs, windows, siding replacements, and select interior renovations across +/- 30 units which are ongoing and expected to be completed prior to closing. These updates are in addition to a $10mm capital infusion which took place in 2005 and will allow future ownership to capitalize on creating operational efficiencies which will further drive top line growth in the coming year.
Exclusively Listed By
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