Southside apartment complex sold for $2.1 million

BIRMINGHAM, Alabama — Highland Ridge Apartments, a 66-unit complex near UAB on Birmingham’s Southside, has been sold for $2.1 million.

Birmingham-based Highland Ridge I bought the property from Cedar Tree Properties LLC, also based in Birmingham. David Oakley, senior investment advisor of Phoenix-based Hendricks Partners Alabama office represented both parties.

The buyer has renamed the property Element 26 and has begun renovations expected to total $800,000, Hendricks Partners said in a prepared statement. Upgrades will include new appliances, counter tops, flooring, hardware and fixtures.

The property, built in 1970, totals 21,218 square feet.

Article source: http://blog.al.com/businessnews/2012/07/southside_apartment_complex_so.html