Birmingham, Alabama, Property Sells for $107,284 Per Unit

BIRMINGHAM, ALABAMA, January XX, 2018 – Cushman & Wakefield has arranged the $28.3 million sale of Chace Lake Villas, an apartment community located in Birmingham, Alabama. The sale price represents $107,284 per unit. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, Blue Rock Real Estate, in the transaction. Myers Apartment Group acquired the property.

“South Birmingham’s powerful growth story amidst Hoover’s multifamily restrictions, coupled with minimal product on the market, generated outstanding interest in this high-quality asset,” Adams said. “The next investor is going to capitalize on surrounding-area momentum by continuing the in-place value add campaign.”

Built in 1996, Chace Lake Villas consists of 264 units located in the heart of Hoover and within walking distance of over 2 million square feet of quality retail, such as Riverchase Galleria and Patton Creek Shopping Center. Amenities include a 24-hour fitness center, resort-style swimming pool, lighted tennis court, a clothing care center and a car care center.

Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units. 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 with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.