August 24, 2016
The under-construction Park 35 on Clairemont in Birmingham, AL received an investment of $21.1 million, courtesy of Preferred Apartment Communities Inc. (PAC)of Atlanta. With the investment, PAC has the option to buy the 271-unit property at a discounted price-to-market, following stabilization.
Park 35 on Clairemont is being developed by Bristol Development Group, a Nashville-based builder of Class A multifamily properties throughout the southeast. Completion of the $43-million project is expected early next year. Pre-leasing has already begun.
According to PAC’s Daniel DuPree, a relationship with Bristol Development had been pursued for a while. “We hope this is just the first of many high-quality projects that we can work on together,” he said.
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