Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Colony Woods, a 414-unit multifamily property located in the Cahaba Heights submarket of Birmingham. The final sale price was $71.4 million, equating to $172,464 per unit.
Cushman & Wakefield’s Andrew Brown and Craig Hey represented the seller, Forum Investment Group, in the transaction. The multifamily property was acquired by Arcan Capital.
“Colony Woods is an extremely well-located asset in a high-traffic submarket of Birmingham just off Hwy 280. Surrounded by primarily Class A product, the property is well-positioned to benefit from a significant capital infusion campaign to upgrade unit interiors and amenities,” said Brown, Managing Director at Cushman & Wakefield. “Suburban Birmingham multifamily has also experienced tremendous rent growth at high occupancy levels and new ownership will be able to capitalize on the upside.”
Built in 1991 and 1995, Colony Woods was 96 percent leased at the time of sale. The multifamily property offers an outstanding location for residents along the Hwy 280 corridor that provides close proximity to a variety of employment opportunities and quality retail.
Colony Woods also offers spacious units averaging 1,088 square feet in size that include a wood burning fireplace, oversized walk-in closet space, an in-unit washer and dryer connection, and private patio or balcony.