24 historic apartment units in Mountain Brook, Alabama changed ownership Wednesday. Redmont Properties, the purchaser, owns other similar properties in the Mountain Brook and Homewood neighborhoods.We closed the transaction after a little over a year of marketing. However the bulk of prospect activity came after reducing the price from $8.5M to $4.9M. While the former price might have worked well during a flurry of condominium conversions, that market has cooled and therefore, the property was better positioned as a asset/investment sale.
Mountain Brook boasts one of the highest per-capita income levels in the whole United States making it an extremely desirable market for investment.
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