Cushman & Wakefield announced that the commercial real estate services firm has arranged the $32.7 million sale of The Park at Wakefield & Wellington, a 408-unit apartment community located in Birmingham, Alabama.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller in the transaction. Audubon, an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeastern United States, acquired the property.
“The property is situated in a great pocket of Birmingham near Bluff Park, which has new retail and multiple single-family developments coming online over the next few quarters,” Adams said. “New ownership was extremely excited by the value-add upside and is planning upgrades to some of the nicest finish levels in the area.”
Constructed in 1973, The Park at Wakefield & Wellington is situated in Hoover, a top suburb of Birmingham. Hoover boasts a highly ranked school system, affluent demographics, and heavy barriers to entry for multifamily.
The Park at Wakefield & Wellington features 46 percent townhome floor plans with private entrances. A $9.5 million grocery-anchored retail project across the street is set to deliver in 2021.
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.