HUNTSVILLE, AL – Penn Capital Group announced today the acquisition of two adjacent apartment communities located in Huntsville, AL. The 468-unit apartment communities, currently known as North Ridge and Continental Apartments, are conveniently located along University Drive, across the street from the University of Alabama in Huntsville, only 2 miles away from MidCity Huntsville and 4 miles away from Downtown Huntsville. The one-, two- and three-bedroom apartment homes boast spacious floor plans and Penn Capital is planning to redevelop both properties, offer updated amenities and beautifully upgraded exteriors and interiors - including renovated kitchens and bathrooms, new wood vinyl floors, new appliances, and washer/dryers in most homes - at an affordable price.
“We love Huntsville and our team is very excited to get this project started,” offered Percy Nikora, Founding Partner at Penn Capital. “In classic Penn Capital style and effectiveness, we are closing on the acquisition of two really well located assets, in one of the fastest growing metro areas in the South, and we are getting in at a low basis purchase price, even at this stage of the market cycle” further offered Nikora.
The properties will receive $7M in capital improvements and be rebranded as Madison Grove Townhomes and The Ave. “Our team has been excited for construction to get underway. We believe the improvements planned here are going to make a big impact to the local community and improve the quality of life for our residents,” offered Edward Rogan, Founding Partner at Penn Capital. “Huntsville is experiencing a late cycle job creation boom, unparalleled in the U.S.” Recent multi-million dollar investments in the Huntsville economy by Toyota/Mazda, Mercedes Benz, Google, Facebook, Boeing, Blue Origin, GE Aviation, NASA and the FBI have begun adding significant demand to the housing market due to the 6,000+ jobs being added to the economy. “The prime location along with outstanding local job growth makes this deal a lucrative opportunity for redevelopment” further offered Rogan.
Penn Capital secured a bridge loan for the acquisition and redevelopment of Madison Grove Townhomes and The Ave from iBorrow. “We were fortunate to have different options for financing and we decided to go with iBorrow given their trust in this deal,” offered Rogan. “We cherish our relationship with them, and we look forward to working together in the near future. We are excited about the many changes that will be soon underway at Madison Grove Townhomes and The Ave” further offered Rogan.
ABOUT PENN CAPITAL GROUP: Penn Capital Group brings an exceptional blend of Real Estate Management and Private Equity investing experience, providing for a unique partnership opportunity. Our approach to investing is value-based and conservative. We focus on multiplying value for our investors by presenting them with high-quality real estate investment opportunities. Penn Capital offers multifamily investments and has acquired properties in TX, OH and AL in the past 12 months.