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Balfour Beatty Communities today announced it has completed the purchase of Riverchase Landing located in the Birmingham suburb of Hoover, AL. The Philadelphia-based residential real estate investment and management company acquired the multifamily property as part of a joint venture with Apex One Investment Partners and Torchlight Investors, continuing the successful residential investment partnerships with the two firms.
The 468-unit community, comprised of 26 two- and three-story buildings, is located in the desirable Hoover suburb of Birmingham, Alabama. Riverchase Landing occupies more than 45 acres at 200 River Haven Circle and is situated in a significant business zone with major corporate headquarters and offices, as well as a vibrant mix of retail, restaurants and entertainment options, all within easy access to downtown Birmingham.
Featuring one-, two- and three-bedroom floor plans averaging 1,600 square feet, the apartments offer fully equipped kitchens, walk-in closets, private patio/balcony and updated finishes. Common area amenities include a clubhouse, fitness center, pool, playground and tennis courts.
"We continue to actively pursue well-positioned properties in attractive submarkets that offer significant upside potential and Riverchase Landing certainly fits that criteria,” said Chris Williams, president of Balfour Beatty Communities. “Our number one focus remains delivering an exceptional living experience to every resident and our team is excited to bring to Riverchase Landing the world-class customer service and transformative renovations and upgrades that residents have come to expect from a Balfour Beatty Communities property."
“We are excited about this acquisition as we believe it is well-positioned to benefit from a sought-after suburban community and a well-designed capital improvement plan to be implemented by our experienced partner,” said Henry Gom, senior vice president of Torchlight Investors.
The purchase closed on March 6th and, as is typical with the company’s portfolio acquisitions, Balfour Beatty Communities will self-perform property management services and will invest in a series of capital improvements at the property, including interior, exterior and amenity upgrades.