Raintree Apartments
Raintree Apartments is a 90-unit, 84,282 square-foot gated apartment complex located off of 23rd Avenue Northwest, just west of Center Point Parkway, between the Center Point Shopping Center and Center Point Elementary School.
The complex was constructed in 1974 and has a mix of 1-, 2-, and 3-bedroom units in three 2-3 story buildings around a grassy lawn, which also holds a swimming pool and laundry center.
Bret Connor acquired the complex in April 2020 from Gary Marcrum for $3 million. He carried out exterior and interior renovations before selling the property to of Highlake Capital of Colleyville, Texas for $5.36 million in December of the same year.
An affiliate of Obsidian Capital of Cedar Park, Texas partnered with investors based in Sandy, Utah to acquire the Raintree Apartments in 2024 for $7.2 million.
References
- Van der Bijl, Hanno (April 17, 2020) "Birmingham multifamily properties sell in $9.9M deals." Birmingham Business Journal
- Van der Bijl, Hanno (December 14, 2020) "Local multifamily portfolio changes hands in $15.75M deals." Birmingham Business Journal
- Stettheimer, Samuel (June 3, 2024) "Center Point apartments sell for $23M." Birmingham Business Journal