ATLANTA – Audubon, an Atlanta-based real estate firm specializing in the acquisition, development and management of multifamily properties, announced it has closed on the purchase of Parks at Wakefield & Wellington, its first acquisition in Alabama. The total cost of the transaction was $32.7 million, or $80,147 per unit. Audubon’s portfolio of owned-and-operated multifamily assets now includes 6,200 units in 22 properties across five states.
The newest property, located just outside Birmingham in Hoover, Alabama, has been renamed Cadence at Bluff Park. The 408-unit property was originally built in 1973 and covers just under 24 acres, creating an open and accessible garden-style community within the Bluff Park neighborhood. The location also offers a plethora of walkable restaurant and retail destinations, including an adjacent shopping center undergoing a $10 million renovation.
“The outskirts of Birmingham have proven to be a hot spot for those who want to be near a metro area, but prefer to live outside of the hustle and bustle of the city itself,” said Myles Cunningham, chief investment officer for Audubon. “We relished the opportunity to further grow our footprint into Alabama and continue bolstering our portfolio across the Southeast.”
Specializing in full-scale overhauls, Audubon is planning significant upgrades throughout Cadence at Bluff Park. The changes will be evident for those passing through and around the community, with updated exteriors on all buildings, fresh landscaping, a conversion of the tennis courts into a grilling area and dog park, the installation of a new playground, the transformation of the pool to a splash park for kids, and improvements to the parking lot and streets within the complex.
The same level of attention will be paid to interior upgrades, with Class-A finishes planned for every unit. Additionally, the leasing office and fitness center will be renovated and a new amenity building will be constructed.
“We know these are ambitious plans, but it was important to us to show existing and future residents we are committed to making Cadence at Bluff Park one of the premier multifamily communities in Birmingham,” added Cunningham.
The $14.7 million capital improvement program will begin immediately and is expected to be completed within the next two years.
Audubon is an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeastern region of the United States. With a senior staff that has collectively acquired, managed and renovated more than 50,000 apartment units, Audubon has a wide range of experience and expertise in repositioning multifamily assets. For more information, please visit http://www.acmapts.com.
