Balfour Beatty Communities Expands Portfolio with Funding in 135-Unit Moretti Condo Neighborhood in Upscale Birmingham Suburb

Balfour Beatty Communities Expands Portfolio with Investment in 135-Unit Moretti Apartment Community in Upscale Birmingham Suburb

HOMEWOOD, AL – Balfour Beatty Communities, a national residential real estate investment and management company, recently acquired an interest in Moretti, a 135-unit residential community outside of Birmingham in the upscale suburb of Homewood, AL.

Moretti offers units with one, two or three bedrooms with an open living concept and a sophisticated kitchen. On-site amenities include a saltwater pool, outdoor lounge and fire pit, fitness center, and clubhouse.

"This acquisition is in line with our approach to investing in quality homes with access to jobs and a high-demand employment base," said Mike Price, SVP of Acquisitions for Balfour Beatty Communities. "Our attention to operational details combined with targeted renovations and additional amenities will enable this asset to provide residents with an exceptional sense of living."

Balfour Beatty Communities joins co-owner ApexOne Investment Partners, who acquired the property in May 2020. Balfour Beatty Communities has been providing property management services to the community since that time and will continue to do so.

Moretti has significant potential to add value and a number of premium renovations are in place, including improvements to the pool area and landscaping. Future plans include upgrades to the fitness center, renovations to the clubhouse / community management office, a new dog park, and the installation of smart home technology.

Source: Balfour Beatty Communities


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