Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Park at Forestdale, a 486-unit multifamily asset in Birmingham, Alabama. The asset traded at $25.75 million, or $52,984 per unit.
“The Park at Forestdale generates strong, stable cash flows and has the potential for above market cash-on-cash returns,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “New ownership plans to use their resources and experience to improve the property by implementing a strategic upgrade program.” Jacobs represented the seller, an affiliate of Birmingham-based Four Four Capital and procured the buyer, a partnership between Arch Companies and Drake Real Estate Partners.
Built between 1968 and 1980 in a residential setting, the two-story property is 10 minutes from Downtown Birmingham, close to Birmingham Southern College, Miles College and The University of Alabama at Birmingham. “The western side of Birmingham is experiencing increased economic momentum fueled by jobs created by an Amazon distribution center that recently came online in Bessemer,” added Jacobs. The Park at Forestdale’s community amenities include a fitness center, pool, and playground. The unit mix is studios and one-, two- and three-bedroom apartments.