Cushman & Wakefield (NYSE: CWK) announced that the commercial real estate services firm has arranged the sale of Colony Woods, a 414-unit multifamily property located in the Cahaba Heights submarket of Birmingham, Alabama. The final sale price was $71.4 million.
Cushman & Wakefield’s Andrew Brown and Craig Hey represented the seller, Forum Investment Group, in the transaction. The multifamily property was acquired by Arcan Capital.
“Colony Woods is a well-located asset in a high-traffic submarket of Birmingham just off Hwy 280. Surrounded by primarily Class A product, the property is well-positioned to benefit from a capital infusion campaign to upgrade unit interiors and amenities,” said Brown, Managing Director at Cushman & Wakefield. “Suburban Birmingham multifamily has also experienced recent rent growth at high occupancy levels and new ownership should be able to capitalize on the upside.”
Colony Woods was 96% leased at the time of sale. The multifamily property offers a prominent location for residents that provides close proximity to a variety of employment opportunities and retail.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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Cushman & Wakefield Arranges $71M Sale of Multifamily Property in Alabama
Jade Hubbard, Senior Communications Specialist