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NY Investor Pays $14M for Birmingham Apts.

Bell Partners Sells 264-Unit Chace Lake Villas
October 31, 2012
Bluerock Real Estate, a New York-based property investment firm, acquired Chace Lake Villas, a 264-unit apartment complex in Birmingham, AL, from Bell Partners for $14.1 million, or about $53,409 per unit.

The community at 98 Chace Lake Parkway was completed in 1996 and has a mix of one-, two- and three-bedroom. The property is currenty 90 percent occupied, according to Bell Apartment Living, the property management company.

Bell Partners and Bluerock Real Estate were self-represented.

Please see CoStar COMPS #2574083 for more information on this transaction.
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