Cushman & Wakefield announced that the commercial real estate services firm has arranged the $21.5 million sale of two apartment communities totaling 289 units located in Birmingham, Alabama.
Andrew Brown, Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Arcan Capital, in the transaction. 3MC Capital Partners a real estate private equity firm that focuses on multifamily acquisitions, development, and management throughout the Southeast, acquired the properties.
“We are very excited about our Birmingham Valley acquisition and see tremendous opportunity for these properties,” said J. Matthew Bodnar, one of the founding partners of 3MC Capital Partners.
3MC Capital Partners is actively seeking additional multifamily acquisitions across the Southeast. “We are very active across the South and looking to acquire more well positioned multifamily assets,” added 3MC founding partner Chris Sanders.
Valley Crest, which includes 176 units, sold for $13.3 million, and Park on Valley, which include 113 units, sold for $8.2 million. The communities are situated between Downtown Birmingham and the affluent municipalities of Homewood and Vestavia Hills, offering proximity to all employment and community amenities in the metro including The University of Alabama at Birmingham with an annual economic impact of over $7 billion and 21,000 jobs.
“Both properties have received substantial improvements including new siding, windows, landscaping and interior upgrades, and are well-positioned for new ownership to further improve on amenities and common areas as well as continue with the interior value-add initiative,” Brown said.
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.