BIRMINGHAM, Ala.--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) has arranged the $93.53 million sale of three multifamily properties in Birmingham, Alabama, totaling 1,816 units. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, a Texas-based real estate firm, in the transaction, which is the largest in the Birmingham market in the last five years. Contour Development acquired the properties.
“The more than 1,800-unit package represented the rare opportunity to establish a major foothold as a large-scale portfolio owner within the Birmingham rental market,” Jacobs said. “The offering generated significant interest on a national and even international level. New ownership offers an impressive track record in multifamily revitalizations across the U.S., and we are extremely excited to see their value-add programs take shape at each property.”
The Park at Buckingham, located in Homewood, was built in 1972 and includes 583 units. Amenities include lighted championship size tennis courts, a sand volleyball court, two pools with sun decks and a theater room. The Park at Callington and Carlyle encompasses a total of 1,233 units built in 1978 and 1973. Amenities include lighted tennis courts, three pools with sun decks, a volleyball court and a fitness center. Each asset maintains an excellent location with connectivity to Homewood and to Downtown Birmingham’s employment drivers.
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling over $4.5 billion in sales volume, according to Real Capital Analytics. For more information about Cushman & Wakefield’s Southeast 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 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Source: Cushman & Wakefield