Holliday Fenoglio Fowler, L.P. (HFF) announces the $55.2 million closing of and acquisition financing for Station 121, a 255-unit, Class A, mid-rise apartment community in Birmingham, Alabama.
The HFF team marketed the offering exclusively on behalf of the seller, Wicker Park Capital Management, LLC (“Wicker Park”). Advenir, Inc. (“Advenir”) purchased the property free and clear of existing financing and has rebranded Station 121 as Advenir @ Station 121. Advenir utilized its $100 million revolving credit facility that HFF secured on its behalf earlier this year for the acquisition. This is the second asset placed on the facility this year.
Station 121 is situated on 2.75 acres at 2000 2nd Avenue South in downtown Birmingham. The property, which has a WalkScore® of 83, is situated among multiple retail, recreation, employment and medical amenities as well as the University of Alabama at Birmingham and the UAB School of Medicine. In addition to the 255 residential units averaging 764 square feet, Station 121 also has six 100-percent-occupied, ground-floor retail spaces totaling 21,194 square feet. Community amenities include a resort-style pool with tanning ledge and water features, poolside terrace with gas grills, landscaped courtyards, fitness center, clubroom with lounge, media room, business center, dog run and structured parking.
The HFF investment sales team representing Wicker Park included senior managing director Jason Nettles and senior director Megan Thompson.
HFF’s debt placement team representing Advenir included senior managing director Eric Tupler, managing director Josh Simon and senior director Chip Sykes.
About Wicker Park Capital Management, LLC
Wicker Park Capital Management, LLC is a privately held commercial real estate investment firm headquartered in Savannah, Georgia. In conjunction with family offices and accredited investors, Wicker Park seeks value-add opportunities in retail, office and multi-family properties throughout the southeastern United States.
About Advenir, Inc.
Founded in 1996, Advenir, Inc. is a real estate investment company headquartered in Aventura, Florida (Miami-Dade). Advenir acquires and operates income multifamily rental communities throughout the United States, on behalf of high-net-worth and institutional investors. Since inception, Advenir has owned and operated 23,000 multifamily units valued at just under $3.7 billion. Advenir’s current portfolio consists of 12,000 apartment units valued at more than $2 billion. In addition to Advenir, Inc., Advenir has a Property Management Company with 320 employees and regional offices in Florida, Texas and Colorado; and a Construction Management Company focused on multifamily development and rehabilitation.
About HFF
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.
