May 14, 2019
Contour Development acquired three multifamily properties in Birmingham, AL totaling 1,816 units. The portfolio was sold by an undisclosed Texas-based real estate firm for $93.53 million.
The properties include The Park at Buckingham in Homewood (pictured), which was built in 1972 and has 583 units. Amenities include lighted championship-size tennis courts, sand volleyball court, two pools with sun decks and a theater room.
Also included in the deal are The Park at Callington and Carlyle, which encompass a total of 1,233 units that were built in 1978 and 1973. Amenities include lighted tennis courts, three pools with sun decks, volleyball court and a fitness center with free weights.
Cushman & Wakefield’s Josh Jacobs and Jimmy Adams represented the seller.
Jacobs says, “The more than 1,800-unit package represented the rare opportunity to establish a major foothold as a large-scale portfolio owner within the Birmingham rental market.”
For comments, questions or concerns, please contact Dennis Kaiser