Hoover Portfolio Changes Hands in $63M Deal
Berkadia’s Alabama office negotiated the sale of three Hoover Class A and Class B communities.
Berkadia, a multifamily investment banking and research company, recently negotiated the sale of the Hoover 3 Portfolio, an 825-unit portfolio comprised of three properties — Park at Galleria, Place at Galleria and Renaissance at Galleria — for $63,347,000 or $76,784.24 per unit.
David Oakley, partner; David Etchison, senior vice president, and Royce Emerson, senior vice president, based in the Berkadia Alabama office, negotiated the sale of the Hoover 3 Portfolio representing the seller, CLK Properties.
With a mixture of Class “A” and Class “B” communities, the Hoover properties possess outstanding location fundamentals with a complementing blend of early 2000s, mid-1990s, and redeveloped 1970s product.
“This was a distressed purchase in 2012, and this buyer is known for having a great track record in repositioning properties through strong fundamental management principles. They did this successfully and were able to monetize their efforts while leveraging these strengths,” Berkadia’s Oakley says.