BIRMINGHAM, AL - Cushman & Wakefield announced today that the commercial real estate services firm has arranged the of Lakeshore Ridge and The Oaks of St. Clair, two multifamily properties in Birmingham.
Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Tynes Development, in the transaction. Lakeshore Ridge was acquired by GWR and The Oaks of St. Clair was acquired by Carter Funds.
"Lakeshore Ridge & The Oaks of St. Clair came to market experiencing very strong rent growth and were extremely well-maintained through local ownership and management,” said Adams, Executive Vice Chair for the Sunbelt Multifamily Advisory Group at Cushman & Wakefield. “The two assets highlight the heavy demand from investors and renters alike for attractive, well-maintained properties in strong submarkets.”
Built in 2004 and 2017, Lakeshore Ridge consists of 429 units and was 100 percent leased at the time of sale. The Oaks of St. Clair, which was built in 2002, consists of 192 units and was 99 percent leased at the time of sale. Both properties have been owned by the original developers and feature well-maintained interiors and exteriors in fast-growing submarkets within the Birmingham metro area. The properties also offer ample opportunity for an interior value-add campaign to further increase their value.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
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 60 countries. In 2020, the firm had revenue of $7.8 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.