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CushWake Arranges Sale of Two Multifamily Properties in Birmingham
Cushman & Wakefield has arranged the sales of Lakeshore Ridge and The Oaks of St. Clair, two multifamily properties in Birmingham, AL.
Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Tynes Development, in the transaction. Lakeshore Ridge was acquired by GWR, and The Oaks of St. Clair was acquired by Carter Funds.
“Lakeshore Ridge & The Oaks of St. Clair came to market experiencing very strong rent growth and were extremely well-maintained through local ownership and management,” said Adams. “The two assets highlight the heavy demand from investors and renters alike for attractive, well-maintained properties in strong submarkets.”
Built in 2004 and 2017, Lakeshore Ridge consists of 429 units and was 100% leased at sale. The Oaks of St. Clair, which was built in 2002, consists of 192 units and was 99% leased. Both properties have been owned by the original developers and offer opportunity for an interior value-add campaign.
- ◦Sale/Acquisition
