Summerchase at Riverchase, is a 240-unit, low density, garden style multifamily asset located in Hoover, Alabama, a suburb of Birmingham. This Class B+ property was completed in 1989 and offers a tremendous value-add investment opportunity. At a purchase price of $39.25 million, the property will cost $163,542 per unit which represents a 4.67% cap rate based on a normalized trailing three-month NOI. The total capitalization for this acquisition is estimated at $44.25 million, which includes the purchase price, projected capital improvement budget, fees and closing costs. PIA Residential expects to finance this amount through an agency loan of $25.5 million and approximately $18.75 million in equity.
Summerchase Apartments is a 240-unit, low rise garden style Class B+ multifamily asset located in the growing Hoover submarket of Birmingham, Alabama within close proximity to a strong employment base. The property was completed in 1989 and offers a solid value-add opportunity with 95% of the units ready for renovations.
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PIA’s objectives are to preserve capital, produce consistent cash yields, and generate attractive risk-adjusted returns for its investors. We achieve this by carefully building a diversified portfolio of multifamily investments through PIA Residential Fund I, LP