MALVERN, Pa.--(BUSINESS WIRE)--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.
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 50,000 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.
About ApexOne Investment Partners
ApexOne Investment Partners is a privately held real estate investment firm and fund manager. Our platform was created to isolate, acquire, enhance and operate multifamily real estate. Our leadership brings over 150 years and $15B of cumulative real estate experience to each investment. We identify assets where a combination of physical enhancements and focused asset management will have a positive influence on our community residents resulting in maximizing investor returns and mitigating investment risk.
About Torchlight Investors
Torchlight Investors is an independent investment advisor, focused on commercial real estate investments. Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments.