Cushman & Wakefield announced that the commercial real estate services firm has arranged the $7.1 million sale of Timberchase, a 94-unit apartment community located in Birmingham, Alabama.
Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Morrison Avenue Capital Partners, in the transaction. Safe Harbor Investments, LLC acquired the property.
“The Valley Avenue corridor continues to experience strong momentum alongside Downtown’s resurgence” Hey said. “There have been multiple large investments in recent quarters, and we look forward to seeing this sub-market transform over the next few years.”
Built in 1973, TimberChase is situated in-between Downtown Birmingham and affluent municipalities of Homewood and Vestavia Hills. The property offers residents proximity to all employment and community amenities in the Metro, including UAB with an annual economic impact of over $7 billion and 21,000 jobs.
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.