Falls of Hoover
The Falls of Hoover (formerly Vista Falls and Crowne Falls) is a 240-unit apartment complex located at 3900 Galleria Woods Drive off Alabama State Highway 150 near the Riverchase Galleria.
The complex offers 1, 2, and 3-bedroom units ranging from 850 to 1,400 square feet.
The complex was constructed in 1996 by Crowne Partners as part of a three-complex portfolio that also included the adjoining Crowne Woods and Crowne Hills complexes, completed in 2000. They sold the three to Harbor Group International of Virginia for $50 million in 2005. In 2007 they were acquired by Vista Apartments LLC, a division of the New Dawn Companies of Florida, for just under $66 million. The General Electric Capital Corp. forceclosed on the properties in 2011, and they were acquired by Birmingham's Vista Communities Venture that year, with Crowne Partners retained as managing partner.
In 2015 the complex was sold to a division of Zaremba Management of Fairview Park, Ohio. In 2019 it was acquired by BH Equities of Des Moines, Iowa.
References
- Poe, Ryan (January 20, 2012) "Hoover apartments sold for $53M; new owners plan $2M renovation." Birmingham Business Journal
- Davis, Bryan (May 19, 2015) "Ohio investor buys two Hoover apartment communities in $75M deal." Birmingham Business Journal
- Van der Bijl, Hanno (October 15, 2019) "Iowa CRE firm enters metro Birmingham market with $73M purchase." Birmingham Business Journal