Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of High River, a 176-unit apartment community located in Tuscaloosa, Alabama.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Hudson Capital Properties, in the transaction. Morrison Avenue Capital Partners, a multifamily real estate development and acquisition firm with almost 5,000 units in the Southeastern United States, acquired the property.
“High River is an attractive property in Northport constructed in two phases with 2006 being the newest,” Adams said. “The asset, mostly non-student and close to downtown, has performed well over the last 12 months and should continue to do so given the buyer’s capital infusion plan.”
Constructed in two phases in 1978 and 2006, High River features newly renovated units and is situated in a submarket that is poised for future growth.
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). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.