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National  + Alabama  + Apartments  |  December 3, 2019
David Cohen
By: David Cohen

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.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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