Fountain Blue & Pointe Arlington Apartments | Birmingham, AL
Multifamily | 6.80% CAP | 146 Units | Two Properties
Marketing description
A 146-unit, two-asset offering comprising Pointe Arlington (88 units) and Fountain Blue (58 units), both located in established, infill Birmingham submarkets. The portfolio is available for purchase together or separately.
Both properties are 1970s-vintage communities that have undergone substantial, capital-intensive repositioning. Across the two assets, more than $4.3 million in capital improvements has been deployed — spanning interior renovations, roofing, HVAC, water heaters, windows, and exterior systems. At Pointe Arlington, 93% of units have been renovated; at Fountain Blue, approximately 75%. The heavy structural lifting is complete at both, meaning an incoming owner steps into stabilized cash flow with the remaining upside available through routine unit turns rather than forced, capital-intensive execution.
The investment thesis is consistent across the portfolio: a buyer acquires substantially renovated product at an excellent basis — below both replacement cost and prevailing submarket price-per-unit. Both assets are priced at $62,000 per unit — with in-place rents trailing comp-supported market levels, leaving a defined, near-term rent runway.
The demand fundamentals underpinning both assets are anchored by the Birmingham MSA's diverse, non-cyclical employment base — led by the University of Alabama at Birmingham (UAB), the state's largest employer, alongside the metro's healthcare, government, logistics, and financial-services sectors. With new construction concentrated in higher-priced submarkets and effectively no new supply targeting the workforce renter, both properties are insulated from direct Class A competition and positioned to benefit from the widening affordability gap between new construction and existing workforce housing.
Whether acquired together for scale and operational efficiency or individually, the Birmingham Workforce Portfolio offers a rare opportunity to acquire stabilized, substantially renovated workforce housing with measurable near-term upside in a fundamentally stable market.
Investment highlights
- 146 Units Across Two Repositioned Birmingham Assets — Pointe Arlington (88 units) and Fountain Blue (58 units), offered as a portfolio or individually. Combined ask of $9,052,000 ($62,000/door); each asset independently financeable and separable.
- Capital Already in the Ground — $4.3M+ Deployed — Both assets have been substantially renovated, with roofs, HVAC, and major systems addressed. A new owner acquires renovated product, with no heavy capital required on day one.
- In-Place Rents Below Market — In-place rents trail comp-supported market rents across both properties, with the value-add executed through routine unit turns rather than gut renovation. Pointe Arlington alone carries ~$98K/yr of identified mark-to-market.
- UAB-Anchored Workforce Demand — Both properties draw on the University of Alabama at Birmingham — the state's largest employer (~28,000 jobs) — plus the metro's healthcare, government, and financial-services base, supporting durable, recession-resistant demand at an attainable price point.
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