Dealmaker: Marcus & Millichap Completes $44 Million Multifamily Sale in Birmingham

Marcus & Millichap completed sale of The Hills at Hoover, a 320-unit multifamily asset in the Hoover submarket of Birmingham, Ala. The property traded for $44 million or $137,500 per unit.

Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office, and Royce Emerson represented the seller, a family office based in New Jersey, and procured the buyer, a Florida-based owner/operator.

Hills at Hoover, Hoover, Ala.

Built in the early 1970s, The Hills at Hoover recently underwent a significant remodel across several interior units. Jacobs noted the property benefits from its location and proximity to Riverchase Office Park, which hosts 10,000-plus jobs, as well as more than five million square feet of quality retail, dining and entertainment amenities.

“With the influx of new jobs, Birmingham’s rent growth has outperformed the national average for four years, while The Hills at Hoover has retained occupancy rates of 95%,” Jacobs said. “This transaction represents continued investor demand for quality workforce housing in and around Birmingham…

The Hills at Hoover is zoned for the Hoover school system, which consists of 14,000 students across 16 schools. Additionally, the asset has strong neighboring demographics as Birmingham has added 50,000-plus jobs since 2020’s employment lows.