An affiliate of OG Capital, LLC, a Birmingham real estate investment firm, has acquired Riverbend Apartments. The 144-unit apartment community, built in 1980 overlooking the Coosa River and its Lake Logan Martin Reservoir, is 30 miles east of Birmingham.
OG Riverbend, LLC, a Delaware limited liability company, purchased the property from Riverbend Apartments, LTD of Birmingham for $9,410,000.00.
Riverbend–to be re-branded as RiverHouse–consists of one, two, and three-bedroom apartment homes, a community pool and clubhouse in a quiet setting spanning 27 acres. More than 4,000 feet of frontage on Coosa River/Lake Logan Martin offers residents a private boat launch, swimming and water sports.
OG Capital plans to extensively renovate the entire property and amenity package by improving and expanding the existing fitness center, and adding new community docks, fire pits and grill stations, according to Michael Krombach, COO at OG Capital. Additional improvements will be made later in the project.
“Our improvements are aimed at increasing lifestyle value by creating a sense of place and capturing the community’s unique setting and location on the water,” he said. “We always try to prioritize the experience of being a resident at one of our communities. RiverHouse will be a great opportunity to continue that emphasis.
Krombach added that Riverbend was acquired from the original developer for well below replacement cost, a compelling reason for the long-term investment along with its irreplaceable location on the river/lake. Good floor plans, ample room for amenitization and the opportunity to enter into a growing Pell City Metro market were also key factors.
Located at 417 Riverbend Road, Riverside in St. Clair County, the community is within the Pell City Schools district, and a five-minute drive to Honda Manufacturing of Alabama, a $2 billion, 4.2 million square foot plant that directly employs nearly 6,000 workers and is the area’s largest employer.
OG Capital hired Arlington Properties, Inc. of Birmingham, AL to manage the community.