Colliers has sold Mountainside Apartments in Birmingham to Dominion Development of Knoxville, Tennessee. While the sales price was not disclosed, the average sales price per door in the Southside submarket is $171,000 per unit. It is the first Alabama multifamily asset for Dominion Development.
Mountainside was constructed atop Red Mountain on 8.03 acres in 1970, providing tenants with views of the city. It is situated in Five Points South and adjacent to the Vulcan Trail. Mountainside consists of 196 units in a mix of studio, one-, two- and three-bedroom floor plans, all featuring either a patio or balcony. In 2017, it was renovated to upgrade kitchens and bathrooms, as well as add crown molding.
Colliers worked with the seller, RREAF Holdings based in Dallas, Texas, and the purchaser, Dominion Development.
The Birmingham Southside submarket currently includes almost 8,000 units with an additional 632 units under construction. The rent in the area is hovering in the $1,260 range, and the population has been increasing in the area over the past five years. Due to its close proximity to the University of Alabama in Birmingham, the average resident’s age is 30.9 compared to the U.S. median age of 38.8.
Colliers is a diversified professional services and investment management company with operations in 67 countries and employing more than 15,000 people. The company has two offices in Alabama, in Huntsville and Birmingham.