Press Release

Bham multifamily firm sells Florida property for $17M

 

A Birmingham-based commercial real estate investment group recently sold a multifamily property in Florida.

Providence Investments said it sold Hunters Pointe Apartments, a 204-unit property in Pensacola, for $17.45 million. An Atlanta-based investor was the buyer in the deal.

 

Providence Investments founder and CEO John Mejia said the company purchased Hunters Pointe Apartments for $11.69 million in May 2016. The company invested more than $300,000 in improvements at the property, including new flooring in 110 units.

Stone Crossing Apartment Community in Huntsville Sold for $15 Million

 

Stone-Crossing-ApartmentsA 276-unit apartment community in Huntsville was sold recently for more than $15 million. Commercial real estate company Berkadia said today it has negotiated the sale of Stone Crossing on University Drive to Stone Crossing 2014, LLC, for $15,150,000. The two-story complex was built 30 years ago and features an average unit size of 733 square feet.

 

Managing Director David Oakley and David Etchison, senior director of Berkadia Real Estate Advisors, represented the seller, Engel Stone Crossing, LLC. Stone Crossing, located minutes from Cummings Research Park and Bridge Street Town Centre, has not been renovated since 2009. The garden-style property offers one- and two-bedroom layouts, a clubhouse, fitness center, tennis court, sundeck and swimming pool.