The Hills at Hoover, a 320-unit multifamily property in Hoover, has sold for $44 million.
The property, built in the 1970s, has undergone significant remodeling, according to Marcus & Millichap, which announced the sale.
“This asset benefits from its location and proximity to Riverchase Office Park, which hosts 10,000-plus jobs, as well as over five million square feet of quality retail, dining and entertainment amenities,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. Jacobs and Royce Emerson represented the New Jersey seller. The buyer is a Florida-based owner.
“With the influx of new jobs, Birmingham’s rent growth has outperformed the national average for four years, while The Hills at Hoover has retained occupancy rates of 95%,” Jacobs said. “This transaction represents continued investor demand for quality workforce housing in and around Birmingham. Our team executed a highly competitive marketing process on this property and saw robust interest from qualified sponsors across the country.”