MALVERN, Pa.--(BUSINESS WIRE)--Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, announced the acquisition of three garden style apartment communities in south Alabama.
The properties include Park Place, a 144-unit community in Foley; Summer Trace, 104-unit community in Gulf Shores; and Windscape, a 72-unit community in Daphne. Balfour Beatty Communities plans to upgrade common areas and perform in-unit renovations in order to reposition the assets within each submarket.
Balfour Beatty Communities acquired the portfolio through a joint venture with ApexOne Investment Partners, a Houston-based real estate investment firm, on behalf of the ApexOne Growth & Income Fund I. Balfour Beatty Communities will self-perform all property management services through its Multifamily Division.
"We’re very pleased to continue to execute on our growth strategy with the acquisition of Park Place, Summer Trace and Windscape—our first assets in Alabama," said Chris Williams, president of Balfour Beatty Communities. "These properties present significant upside potential and we look forward to bringing both renovations and service improvements that will enhance the resident experience and overall asset value."
About Balfour Beatty Communities
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 49,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.
Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.
