1 Hampton Place - Place at Galleria, Vestavia Hills, AL

Built in 1972 and completely renovated in 2001, The Place at Galleria in Hoover, Alabama offers two-stories of apartment living situated on immaculate grounds and includes a mix of one-, two-, and three-bedroom apartment homes totaling 133,376 rentable square feet. The community consists of 150 units averaging 889 square feet with 64 one-bedroom units (743 to 820 square feet), 78 two-bedroom units (914 to 1,080 square feet), 8 three-bedroom units (1,449 square feet).

Residents of The Place at Galleria enjoy community amenities such as a swimming pool, clothing care centers, business center, and fitness center. Apartment homes feature central heating and air, balconies/patios, washer/dryer connections, washers/dryers provided (select units), ceiling fans, upgraded interior finishes, generous closet space, and gourmet kitchens equipped with refrigerators, dishwashers, stoves/ovens, and garbage disposals.

Sale Notes:
Hendricks & Partners is pleased to present The
Place at Galleria, a well-appointed 150-unit
apartment community located in the upscale
Hoover submarket of Birmingham, Alabama. The
Place at Galleria, completely renovated in 2001,
represents the opportunity to acquire a stabilized
multifamily property ideally situated in a prime,
affluent, in-fill location convenient to all of
Birmingham metro. This Solid B Asset is also
being marketed as part of a lender-controlled
five-property portfolio, either on an individual
basis or as a portfolio, which would offer investors
economy of scale. Additionally, The Place at
Galleria (as well as the portfolio as a whole) is
being offered on an all cash basis allowing
investors the opportunity to take advantage of
today's historically low interest rate environment
and lock in attractive permanent financing in the
near term. Investors seeking a light reposition
deal with robust upside potential will find The
Place at Galleria an attractive opportunity.
Moreover, The Place at Galleria will provide
investors with Double-Digit Cash on Cash
returns beginning Year One.
Many comparable properties in the area are
currently undergoing or have recently undergone
significant renovations, boosting market rents in
the nearby area. More importantly, the market has
responded well to the increased rents while
comparable properties have maintained
occupancies above 90%.