A massive apartment complex in Hoover has been bought by a Miami real estate investment firm. Westside Capital Group has acquired The Park at Hoover, a 1,060-unit garden-style property, for $100.75 million. The complex, located on 101 acres, is the largest apartment property in the state. In an announcement, Westside announced it intends to invest in common areas and plans targeted improvements to make the property more walkable, with art and additional amenities. Westside’s institutional property management arm – WS Living – will manage the property moving forward. The Park at Hoover is located at 2135 Centennial Drive. The 920-unit Phase I is located in the City of Hoover and was built in 1987-88. The 140-unit Phase II was built in 1996 and is located in unincorporated Jefferson County. Community amenities include four swimming pools, a fitness center, four tennis courts, a sports court, dog park, playground and a clubhouse.“We see Alabama as a strategic market for Westside’s growth within the Southeastern United States that we focus on, and we want to build a long-lasting reputation of excellence within the local marketplace,” Jakub Hejl, founder and president of Westside, said. Senior Managing Director David Oakley, Senior Director David Wilson, Associate Director Caleb Frizzell and Director Steve Nunnelley of Berkadia’s Birmingham office arranged the sale on behalf of the seller.
All data is taken from the source: http://al.com
Article Link: https://www.al.com/business/2021/03/the-largest-apartment-complex-in-alabama-just-sold-for-more-than-100-million.html
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