Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Hills at Hoover, a 320-unit multifamily asset in the highly desirable Hoover submarket of Birmingham, Alabama. The property traded for $44 million or $137,500 per unit.
“Built in the early 1970s, The Hills at Hoover has recently undergone a significant remodel across several interior units,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “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. Jacobs and Royce Emerson represented the seller, a family office based in New Jersey, and procured the buyer, a Florida-based owner/operator.
The Hills at Hoover is zoned for the award-winning Hoover school system, which consists of 14,000 students across 16 schools and has received both state and regional accolades in all major categories including academics, college prep, administration and sports. Additionally, the asset has strong neighboring demographics as Birmingham has added 50,000-plus jobs since 2020’s employment lows.
“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 continued. “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. We are pleased with the outcome for our clients and have several other assets in the Birmingham MSA currently under agreement that will close later this fall.”