Investment Highlights

Proven Value-Add Program: Current ownership has renovated 127 of the property’s units with upgraded Cabinets, Flooring, Appliances, Paint, Lighting, & Fixtures. By renovating the remaining units, new ownership could potentially increase NOI by $377,989.

Recent Cap Ex spend: Current ownership has spent over $4 million repositioning the asset including new roofs, HVAC replacements, landscaping improvements, balcony repairs, plumbing repairs, gutters, electrical wiring, exterior painting, and more.

Outstanding School System: Element Hoover’s zoned middle school and high school are both ranked an impressive 8/10, according to Greatschools.org.

Favorable Demographic Characteristics: Hoover, noticed for being one of “America’s 50 Best Cities to Live”, boasts highly favorable demographics:
• Income Levels: Household Income of $78,100 (compared to Alabama’s $44,800)
• Education Levels: 56.0% of people aged 25 years or older have a Post-Secondary degree (24% in Alabama)

Robust Retail Sector: Element Hoover offers its tenants convenient access to Hoover’s ample retail opportunities, including:
• Riverchase Galleria: 1,402,378 SF anchored by Belk, JCPenney, Forever 21, Dave & Buster’s, Macy’s, and Von Maur, alongside a selection of the hottest retailers including Abercrombie & Fitch, H&M, Old Navy, and Sephora
• Patton Creek Shopping Center: 599,021 SF anchored by Carmike, Dick’s Sporting Goods, Ross, Cost Plus World Market, Barnes & Noble, DSW
• Additional Retail includes Bed Bath & Beyond, PetSmart, Best Buy, Office Depot, Michael’s, Costco, Ross, Walmart, TJ Maxx, Academy Sports & Outdoors, Nordstrom Rack, Whole Foods

Access to Birmingham Job Market: The Birmingham MSA is home to several large employers:
• University of Alabama at Birmingham (23,000 jobs)
• Regions Financial Corporation (9,000 jobs)
• St. Vincent’s Health System (5,100 jobs)
• Children’s of Alabama (5,000 jobs)
• AT&T (4,517 jobs)
• Brookwood Baptist Health (4,459 jobs)
• Blue Cross-Blue Shield of Alabama (3,100 jobs)
• Alabama Power Company (3,092 jobs)

National Recognition in Manufacturing Industry: The state of Alabama has garnered national attention for its recent success in the Manufacturing industry, ranking in the Top 10 in several relevant categories. Investments by international companies in Alabama’s largest cities are evidence of this:
• Hyundai (Montgomery) - In January 2020, Hyundai announced a $410 million expansion that will create 1,200 jobs
• Toyota/Mazda (Huntsville) - Announced in August 2020; $2.3 billion plant that will employ up to 4,000 workers. 5 Mazda suppliers are investing $440 million into North Alabama creating 1,700 additional jobs.
• Honda (Birmingham) - Honda announced a $54 million expansion of its already-existing $2.6 Billion plant. Honda supplier, Unipres, completed a $46 million expansion in 2020
• Mercedes Benz (Tuscaloosa) - Invested $1 billion in its Tuscaloosa plant and created more than 600 jobs. Additional investment of $53 million was announced in October 2020 for a new parts facility
• Autocar (Birmingham) - Opened a new $120 million manufacturing plant in 2020 employing 746

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