Balfour Beatty Communities, a diversified real estate services company, has partnered with ApexOne Investment Partners, a Houston-based real estate investment firm, to acquire a real estate portfolio consisting of three garden-style apartment communities in South Alabama.
"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."
According to the press release of Balfour Beatty Communities in Business Wire, the company plans to upgrade the common areas and perform in-unit renovations to the three apartments, namely: Park Palace, a 144-unit community in Foley; Summer Trace, a 104-unit community in Gulf Shores; and Windscape, a 72-unit community in Daphne. Property management of the three apartment communities will be handled by Balfour Beatty Communities through its Multi-family Division.
Park Palace offers its residents with amenities such as professional landscaping, on-site maintenance, on-site management, ample parking, pool, and storage units. Summer Trace, on the other hand, features amenities including a clubhouse, covered parking, a fitness center, laundry facilities, a garage, storage units, pool, on-site maintenance, and on-site management; while Windscape's residents can enjoy amenities that include laundry facilities, a clubhouse with free Wi-Fi, a picnic area with a pavilion, ample parking, on-site management, and on-site maintenance.
All three apartment communities allow a maximum of two pets and may have an additional fee.
Balfour Beatty Communities is a national residential real estate investment and management company that delivers development, design, financing, construction, renovation, property and facilities management services in the multi-family, student and military housing sectors. At present, the company has more than 49,000 residential units and $6 billion in real estate assets under management, as well as has developed or renovated more than 29,000 units with a total value of close to $4 billion.
