Investment represents Balfour Beatty Communities’ third deal in Alabama in as many years.
Balfour Beatty Communities, a United States residential real estate investment and management company, recently acquired an ownership stake in Moretti, a 135-unit apartment community located just outside of Birmingham in the upscale suburb of Homewood, Alabama.
Moretti offers one-, two- and three-bedroom units featuring open concept living and upscale kitchens. The property’s amenities include a saltwater pool, outdoor lounge and fire pit, fitness center and clubhouse.
Balfour Beatty Communities joins co-owner, ApexOne Investment Partners, who acquired the property in May 2020. Balfour Beatty Communities has been providing property management services to the community since that time and will continue in that capacity.
Moretti has significant value-add potential and a series of premium renovations are already underway, including enhancements to the pool area and landscaping. Future plans include fitness center upgrades, renovations to the clubhouse and community management office, a new dog park, and installation of smart home technology.
“This acquisition aligns with our approach of investing in quality housing with access to jobs and an employment base that are in high demand,” said Mike Price, Senior Vice President of Acquisitions for Balfour Beatty Communities. “Our attention to operational detail combined with targeted renovations and added amenities will position this asset to deliver an exceptional living experience to residents.”
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Notes to editors:
- Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student and military housing sectors across the United States. Since its inception in 1999, Balfour Beatty Communities has invested in nearly 100 properties representing more than $7.9 billion of gross asset value.
- Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences. For more information, visit balfourbeattycommunities.com.
- Balfour Beatty Communities is a subsidiary of Balfour Beatty Investments, Inc. and Balfour Beatty plc, a leading international infrastructure group.