Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of City Heights Homewood, a 278-unit apartment community located in Homewood, Alabama. The final sale price was $17.8 million.
Andrew Brown and Jimmy Adams of Cushman & Wakefield represented the seller, SB Pacific Group, in the transaction. A joint venture between Tamrak Management and Northway Equities acquired the property.
“New ownership was attracted to the submarket and price per unit,” Brown said. “They are excited to implement a massive value-add campaign that includes a new clubhouse with a fitness center and rec room, a second pool, and playground facilities. Further plans include renovating all unit interiors to provide for some of the nicest finishes in the submarket.”
“This is an opportunity to further our foothold in this market, through interior and exterior upgrades we’ll be enhancing the overall lifestyle of the community residents while adding value to our investors,” said Dov Rakower, President and CEO of Tamrak Management.
Constructed in 1976, City Heights Homewood is situated in West Homewood near the area’s key job driver’s, major thoroughfares and Downtown. Homewood heavily restricts new multifamily zoning and development, resulting in no current or planned apartment construction and rising occupancy.
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.