December 3, 2019 Comments (0) Views: 347 Alabama, National News, Southeast

Birmingham Apartment Community Trades for $23M

Cushman & Wakefield has arranged the $23.4 million sale of Ridge at Crestwood, a 344-unit apartment community in Birmingham. Built in 1978, the property is currently undergoing major renovations and will offer modern finishes and amenities upon completion.

Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, Forge Partners, in the transaction. A Michigan-based owner/operator purchased the property after recently acquiring an 1,800+-unit portfolio in the market.

“The multifamily inventory within the eastern corridor of Birmingham has received significant capital investments in recent years,” said Jacobs. “Several competing properties nearby have completed successful value-add programs, and the new owners of Ridge at Crestwood are excited at the prospect of boosted NOI and returns through the continuation of the in-place value-add program.”

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