Miami, Sept 2022 –Elandis today announced the acquisition of a third multifamily community in Alabama. Hills At Hoover, a 320-unit community located at 3627 Cedarbrook Dr., is located in the Birmingham-Hoover metropolitan area. The acquisition was financed by Truist.
Elandis plans to renovate and improve the 320 dwelling units for use by working families, including upgrades to facilities and interiors while ensuring continued affordability. The two- and three-story property is located in Hoover, the largest suburban city in Alabama, in the newly-established central business district supporting economic investment and revitalization of the community. It is in close proximity to two shopping centers, and natural recreation areas including the Aldridge Botanical Gardens, Moss Rock Preserve, and Oak Mountain State Park. It is also a short drive to the Birmingham-Shuttlesworth International Airport.
With this announcement, Elandis owns and manages close to 1,000 units in Alabama. The company also deepens its presence in Birmingham, a new market with great potential, and reaches close to 4,000 units owned in the U.S. Sun Belt.
“We are pleased to acquire this promising asset in one of the most desired submarkets of Birmingham. Hills at Hoover is located in one of the state’s most sought-after school districts and is near plenty of jobs, quality retail, dining, and entertainment amenities, said Frank Espinosa, CEO of Elandis. “We are focused on raising the quality of life of our residents while preserving much-needed housing, and enriching the surrounding community. This is an exciting next step for Elandis, and we look forward to joining the community to revitalize Hoover and bring its huge potential to life.”
This announcement comes on the heels of Elandis recently acquiring two distinctive multifamily communities in Birmingham, Alabama – Ascot Place and Onyx at 600 – with a total of 513 units. A leader in multifamily housing, Elandis continues to strategically expand in target markets of Texas, Florida, Alabama, Georgia, North Carolina, and South Carolina.