Arch Companies has acquired Village Square Landings, Center Point Landings and Clay Landings Apartments, all in the Center Point submarket of Birmingham. This marks the third acquisition in Alabama for the New York-based company, expanding its southeastern footprint.
The three multifamily apartment properties comprise 514 units, which builds on the company’s acquisition of 486 units in Birmingham and 649 units in Tuscaloosa earlier in 2021.
These three Center Point properties are a mix of on- to three-bedroom apartments. To improve resident experience, Arch will be making capital improvements through its Arch Builders division, as well as a hands-on asset management and operations strategy.
“This portfolio is a significant reinvestment in Arch’s broader Southeastern multifamily strategy,” said Jared Chassen, partner, Arch Companies. “The ongoing urban migration to the Sun Belt is creating exciting opportunities for the industry and we continue to be bullish on the Gulf region.”
Providing financing for the acquisition was Stone Beach Capital with Josh Jacobs, of Marcus and Millichap, brokering the sale.
“Arch has a successful track record of brining value to multifamily properties throughout the region and the country,” said Martin Rauch, principal at Stone Beach Capital. “We look forward to seeing the value they will deliver for this portfolio.”