Balfour Beatty Communities, ApexOne Investment Partners Acquire Three Apartment Communities in South Alabama
01 February 2016
Balfour Beatty Communities announced the acquisition of three garden style apartment communities in south Alabama.
The properties include Park Place, a 144-unit community in Foley; Summer Trace, 104-unit community in Gulf Shores; and Windscape, a 72-unit community in Daphne. Balfour Beatty Communities plans to upgrade common areas and perform in-unit renovations in order to reposition the assets within each submarket.
Balfour Beatty Communities acquired the portfolio through a joint venture with ApexOne Investment Partners, a Houston-based real estate investment firm, on behalf of the ApexOne Growth & Income Fund I. Balfour Beatty Communities will self-perform all property management services through its Multifamily Division.
"We’re very pleased to continue to execute on our growth strategy with the acquisition of Park Place, Summer Trace and Windscape—our first assets in Alabama," said Chris Williams, president of Balfour Beatty Communities. "These properties present significant upside potential and we look forward to bringing both renovations and service improvements that will enhance the resident experience and overall asset value."