Devner group buys Pleasant Grove apartments for nearly $4 million

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Denver, Colo.-based Residential Ventures has acquired a 94-unit apartment community in Pleasant Grove and is looking to buy more

Bryan Davis

Reporter- Birmingham Business Journal

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Denver, Colo.-based Residential Ventures has acquired a 94-unit apartment community in Pleasant Grove and is looking to buy more.

Brooke Lyn Apartments, located at 105 Brooke Lyn Drive, sold to the investor for $3.9 million, according to Jefferson County public records.

The 97,780-square-foot development comes with a mix of two-bedroom and three-bedroom units, sitting on 6.69 acres of land, according to the website LoopNet.

Residential Ventures Chief Operations Officer Cam Borges was in Birmingham this week looking at a number of other multifamily properties.

"We're going to keep buying and doing light remodels on the units," Borges said.

Borges said Birmingham's job market and economy are stable, making it an attractive market for investments.

"The return on capital is pretty good here," Borges added. "We're looking at a few more properties in the Birmingham area."

Borges said Residential Ventures has a 100-unit apartment community under contract in Gardendale, and more purchases are likely to come.

Residential Ventures is also looking at the Gadsden and Huntsville markets, Borges said.

Bryan Davis covers real estate, retail and manufacturing for the Birmingham Business Journal. Click here to follow him on Twitter.