Cushman & Wakefield announced that the commercial real estate services firm has arranged the $5.25 million sale of Terrace Court, a 40-unit apartment community located in Birmingham, Alabama.
Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, TCA LLC, in the transaction. Nolarose LLC acquired the property.
“Terrace Court is a unique asset that has been a landmark in Birmingham’s historic ‘Five Points’ neighborhood since 1908,” Hey said. “The buyer was excited at the opportunity to acquire a well-maintained asset in an irreplaceable location near exceptional retail and economic hubs.”
Constructed in 1908, Terrace Court is situated in a burgeoning pocket on Birmingham’s south side near Downtown and University of Alabama at Birmingham.
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.