Cushman & Wakefield Arranges $71M Sale of Multifamily Property in Alabama

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) has successfully facilitated the sale of Colony Woods, a 414-unit multifamily property in Birmingham, Alabama, for $71.4 million. The sale, represented by Andrew Brown and Craig Hey, involved the seller, Forum Investment Group, and the buyer, Arcan Capital. At the time of sale, the property was 96% leased and is located in a high-traffic area, enhancing its investment potential. Recent rent growth and high occupancy levels in suburban Birmingham are favorable factors for the new ownership.

Positive

• The sale of Colony Woods for $71.4 million indicates strong market demand.
• Property was 96% leased at the time of sale, showing healthy occupancy levels.
• Suburban Birmingham multifamily market has experienced recent rent growth.

Negative

• None.

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220622006044/en/

Jade Hubbard, Senior Communications Specialist

Jade.Hubbard@cushwake.com

Source: Cushman & Wakefield

FAQ

What is the significance of the Colony Woods sale for CWK?

The sale signifies strong demand in the multifamily market, potentially increasing CWK's market credibility.

How much did Colony Woods sell for?

Colony Woods was sold for $71.4 million.

What was the occupancy rate of Colony Woods at the time of sale?

Colony Woods was 96% leased at the time of sale.

Who represented the seller in the Colony Woods transaction?

Andrew Brown and Craig Hey from Cushman & Wakefield represented Forum Investment Group.

Who acquired Colony Woods?

Colony Woods was acquired by Arcan Capital.