BIRMINGHAM, AL – Cushman & Wakefield 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. The final sale price was $71.4 million, equating to $172,464 per unit.
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 an extremely 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 significant capital infusion campaign to upgrade unit interiors and amenities,” said Brown, Managing Director at Cushman & Wakefield. “Suburban Birmingham multifamily has also experienced tremendous rent growth at high occupancy levels and new ownership will be able to capitalize on the upside.”
Built in 1991 and 1995, Colony Woods was 96% leased at the time of sale. The multifamily property offers an outstanding location for residents along the Hwy 280 corridor that provides close proximity to a variety of employment opportunities and quality retail.
Colony Woods also offers spacious units averaging 1,088 square feet in size that include a wood burning fireplace, oversized walk-in closet space, an in-unit washer and dryer connection, and private patio or balcony.
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 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.