Cushman & Wakefield announced that the commercial real estate services firm has arranged the $40.5 million sale of Barrington on the Green, a 342-unit apartment community located in Hoover, Alabama.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented a private seller in the transaction. White Eagle acquired the property.
“White Eagle Property Group is thrilled to add Barrington Apartment Homes to our portfolio as we continue to grow our presence in the Birmingham market,” said Abe Spitz, COO of White Eagle. “The community will undergo a strategic capital improvement plan, which will greatly enhance the residents living experience. The apartment community will be rebranded as The Avenues of South Hoover.”
Constructed in 1996, Barrington on the Green is situated in a top suburb of Birmingham that features strong incomes, high-quality retail and great schools.
“Working with Cushman & Wakefield on this transaction was a seamless process, and we look forward to working together in the future,” said Jeff Weiskopf, Managing Partner of White Eagle Property Group.
Amenities include a pet park with agility equipment, resort-style swimming pool, a playground, outdoor kitchen and picnic area, resident park amenity area, a clubhouse, sports courts and an enhanced cardio and strength training center.
“The Hoover rental market has experienced strong growing demand over the past few quarters, with multiple properties increasing their market rents,” Adams said. “The new owners of Barrington on the Green are excited to acquire an attractive property in a top suburb that compliments their existing Birmingham portfolio.”
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.
