Arcan Properties Acquires $71M, 414-Unit Multifamily in Birmingham
Cushman & Wakefield has arranged the $71.4-million ($172,424 per unit) sale of Colony Woods, a 414-unit multifamily property located in the Cahaba Heights submarket of Birmingham, AL.
Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Forum Investment Group. The property was acquired by Marietta, GA-based Arcan Capital.
“Colony Woods is surrounded by primarily Class A product and well-positioned to benefit from a significant capital infusion campaign to upgrade unit interiors and amenities,” said Brown. “Suburban Birmingham multifamily has experienced tremendous rent growth at high occupancy levels, and new ownership will be able to capitalize on the upside.”
The 1991- and 1995-constructed Colony Woods was 96% leased at sale. The multifamily property offers is located along the Highway 280 corridor with close proximity to a variety of employment opportunities and quality retail.
- ◦Sale/Acquisition
