Minneapolis-based Timberland Partners Investments acquires Class A apartment complex in Huntsville, Ala.
(Aug. 31, 2020) – Timberland Partners Investments is pleased to announce the acquisition of Capital Park at 72 West Apartments in Huntsville, Ala. This is the company’s sixth apartment acquisition this year through Timberland Partners Apartment Fund VII (TPAF VII.)
The Class A apartment building has 233 one, two and three-bedroom apartment homes. The complex was built in 2015 and is located 15 minutes west of the downtown Huntsville area. Capital Park at 72 West Apartments is conveniently located close to many of the area’s top employers and entertainment options. The modern apartments, world class tenant amenities, and professional property management team help make the property a desirable place to live.
Each apartment home has a balcony or patio, a well-equipped kitchen with subway tile backsplashes, and stainless-steel appliances. The in-residence technology package features perks like keyless entry doors and charging stations with USB ports. The leasing center, spacious clubroom building, and 2,000 square-foot fitness center surround the expansive resort-style pool. The property also has a dog park, grilling stations, outdoor fireplace, and an electric vehicle charging station.
Significant population and economic growth in the past two decades helped make Huntsville a desirable real estate investment market. It is the national leader in the space, defense technology, and STEM-related industries. Large employers like NASA, Toyota Motors, Facebook, GE Aviation, Polaris, and the Huntsville Hospital are located a short drive from the Capital Park apartment complex. The Huntsville metro area has the highest concentration of engineers in the entire country and some of the best public schools in the U.S.
Capital Park at 72 West is also conveniently located near to the Cummings Research Park, the U.S. Army’s Redstone Arsenal post and several shopping, dining and entertainment options.
“We are thrilled to finally enter and begin growing our portfolio in one of the most attractive multifamily markets in the country with the acquisition of Capital Park at 72 West Apartments,” said Aaron Spiegle, Acquisition Specialist at Timberland Partners. “Not only is the West Huntsville/Madison submarket experiencing outsized rental rate and economic growth, but the entire Huntsville metro is expected to handily outperform the U.S. economy for the foreseeable future despite the near-term economic headwinds facing our country. Capital Park at 72 West is an outstanding Class A property. The convenient location combined with an expensive-to-replicate amenity set position this property to fully capitalize on the continued growth in the Huntsville metro now and into the future.”
This is the first property in Huntsville, and the second in Alabama, that Timberland has acquired. The TPAF VII, Timberland Partners’ largest real estate fund, was launched in January 2020 to acquire and manage quality multifamily rental properties in the Midwest and Southeast markets of the United States.
Minneapolis-based Timberland Partners owns and manages a portfolio of 80 communities in 15 states for a total of over 17,000 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartnersInvestments.com.