Rime Companies sold the 240-unit Kensington Manor multifamily complex in Calera, AL to Landmark Residential for $14 million, or approximately $58,000 per unit.
The 275,736-square foot apartment complex consists of one-, two-, and three-bedroom units in nine buildings. It was constructed between 2007 and 2008 in the Birmingham submarket and was 90 percent occupied at the time of the sale.
David Oakley of Hendricks & Partners represented the seller. Tom Hinton of Hinton Properties represented the buyer.
Please see CoStar COMPS #2258721 for more information about this transaction.