Cushman & Wakefield’s Southeast Multifamily Advisory Group has procured a buyer for 1800 Vestavia, a 170-unit apartment community located in Birmingham, Alabama. Josh Jacobs and Jimmy Adams of Cushman & Wakefield secured the buyer, Springer Capital, for the transaction.
“Vestavia Hills is one of the hottest real estate markets in Alabama, ranked the state’s second best suburb with a top five school system,” Adams said. “Severe multifamily restrictions and marginal supply, coupled with $400,000-plus average home prices and top tier demographics, are creating significant value-add upside for the buyer.”
1800 Vestavia is located off Montgomery Highway in one of Birmingham’s top locations. Interior upgrades have been completed for 20 units, and the new ownership plans to redevelop the property’s interiors and amenity package.
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 $3.5 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.