Cushman & Wakefield has arranged the $26.67 million sale of Summerchase at Riverchase, a 240-unit apartment community located in Hoover, Alabama. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller, TriBridge Residential, in the transaction. Carter Multifamily acquired the property.
“This transaction represents the onset of higher transaction volume coming out of a relatively slow Q2 2020 for capital markets trades,” Adams said. “The local economy has fared well during the pandemic with healthy apartment fundamentals in recent months. New owners are excited to capitalize on the community’s Riverchase location and invest in the asset.”
Built in 1988, Summerchase at Riverchase is located minutes from 10,000+ jobs and 5.5 million square feet of quality retail amenities.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.