Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $11.85 million sale of Iron City Lofts, a 70-unit apartment community located in Birmingham, Alabama. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the property.
“Downtown is continuing to garner substantial capital investment and urbanization, with jobs and dollars still moving into the urban core,” Adams said. “Iron City Lofts is attractively positioned in the rental market, and even after a wealth of multifamily development, there is still pent up Class A demand compared to other Southeast metros.”
Iron City Lofts is located in downtown Birmingham, and is within walking distance of social hotspots such as Pepper Place and the electric Lakeview District. Built in 2016, the apartments include granite counter tops, custom kitchens and hardwood flooring. Amenities include a heated rooftop pool with cityscape views, a state-of-the-art fitness center and a dog wash facility.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group has closed $3.4 billion in sales volume in 2017, totaling over 200 deals and more than 40,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.