Greystone and Cushman & Wakefield jointly announced they provided acquisition financing for, and arranged the sale of, respectively, Ridge Crossings. The property is a 720-unit apartment community located in Hoover, a suburb of Birmingham, Alabama.
Cushman & Wakefield’s Andrew Brown, Craig Hey, Ben Thomas, and Tommy Coleman represented the seller in the transaction. Dan Sacks of Greystone originated a Fannie Mae loan to finance the acquisition.
“Ridge Crossings is an exceptional asset with strong performance trends that is well-positioned for future growth via interior and common area upgrades. This is an exciting deal for both parties, as the seller completes their exit from the Birmingham market, and Avenue Living makes a big splash to enter,” said Brown, Executive Managing Director at Cushman & Wakefield.
“It bodes well for greater Birmingham and Hoover that an institutional investment group like Avenue Living shows a vote of confidence to the Birmingham MSA by purchasing a well-located asset here,” added Hey, Vice Chair at Cushman & Wakefield.
“We are excited to acquire this quality asset and enter into the highly desirable submarket of Hoover,” noted Bettina Francis, Senior Vice President of US Asset Management at Avenue Living. “For nearly 20 years, Avenue Living has delivered an operations-first approach across North America, bringing data-driven efficiencies, targeted capital improvements, and sophisticated property management to ensure an exceptional resident experience.”
Delivered in 1991, Ridge Crossings is a rare in scale, proven value-add asset that benefits from being situated in a restricted high-growth, high barrier-to-entry submarket of Hoover that limits new multifamily development.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 90-person investment sales team covering 15 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2024, the group closed $5 billion in sales volume through 172 deals and 28,000 units.
