Source: Colony Hills Capital / #Multifamily #Apartments
WILBRAHAM, MA - Colony Hills Capital (CHC) announced the successful closing of its $28 million purchase of a multifamily housing property in the growing Alabama suburb of Hoover. The garden-style apartment property, occupying more than 45 acres, is the first to be purchased by this privately-held real estate investment group since its formation in 2008.
Glenn Hanson, Principal Director and founder of CHC, said "It is a momentous occasion for us to report the successful closing on our first property as a significant acquisition. Riverchase Landing is a wonderful community that is well located, and it holds tremendous promise for our investors. Everyone at Colony Hills Capital is excited and poised to complete more deals like this one in 2012."
The Riverchase Landing property is located in Hoover, Alabama, a suburb outside Birmingham. The property was built in three phases, consists of 468 units, and has approximately 740,000 rentable square feet. It is located in the acclaimed Riverchase PUD (Planned Unit Development) giving it excellent access to the interstate highway system, downtown Birmingham, major employment bases, retail and recreational amenities. Riverchase Landing is currently operating at 98% occupancy
Colony Hills Capital is a Massachusetts Limited Liability Company with an express investment focus on multifamily rental properties falling within specific demographic, socio-economic, and real estate markets that are cash flow positive on acquisition generating outsized investor returns.