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Coastal Ridge Enters Alabama with $40 Million Purchase of The Village at Lakeshore Crossings

Ohio Firm Partners with M Group to Acquire 264-Unit Community in Birmingham
September 19, 2017
Coastal Ridge Real Estate closed on its first investment in Alabama, partnering with Birmingham, MI-based M Group for the seventh time to acquire The Village at Lakeshore Crossings in Birmingham, AL from H. Katz Capital Group for $40 million, or approximately $152,000 per unit.

A multifamily real estate investment and management services company headquartered in Columbus, OH, Coastal Ridge's latest investment is a 264-unit, Class A apartment complex constructed in 2013 west of I-65 at 213 London Pky. in southwest Birmingham's Sand Ridge Multifamily submarket.

Developed by local firm Stone River Property Management, The Village at Lakeshore Crossings consists of 84 one-, 132 two- and 48 three-bedroom apartments with rents ranging from $1,067 to $1,512 per month. On-site amenities at the highly-amenitized complex include a pool with pergola, outdoor kitchen with gas grill, outdoor fireplace and lounge area, lighted tennis court, clubhouse, media room, fitness room, cyber café and business center.

“Coastal Ridge Real Estate Partners views Birmingham as a very strong multifamily market because of its diversified job growth and strong fundamentals,” said Patrick McBride, managing partner of Coastal Ridge Real Estate. "We will look to grow our portfolio in Alabama and other key Southeast markets through acquisitions and third-party property management assignments.”

Please see CoStar COMP #4007100 for more information on this transaction.
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