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Alex. Brown JV Pays $24M for Alabama Student Asset
The buyer financed the 192-unit acquisition with $19.5 million from Ares Commercial Real Estate. May182021
Riverfront Village
Alex. Brown Realty and Student Quarters have purchased the 440-bed Riverfront Village, a student housing property near the University of Alabama, for $24.1 million, according to Yardi Matrix. Ares Commercial Real Estate provided $19.5 million in acquisition financing. The seller was Chance Partners.
The transaction is the third collaborative purchase between ABR and Student Quarters. TSB Realty’s Randall Calvert closed the deal on behalf of the seller.
Completed in 2014, the 192-unit property offers one-, two- and three-bedroom floorplans, all with incorporated bathrooms. All units are fully furnished and have private balconies. The pet-friendly community includes amenities such as an outdoor pool with a lounge, a two-story fitness facility with a yoga room as well as computer rooms,
University-of-alabamaBrown-realtyRealty-randall-calvertStudent-quartersRiverfront-villageAres-commercial-real-estateRandall-calvertWarner-parkwayTuscaloosa-amphitheaterBlack-warrior-riverYardi-matrix