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Morrison Avenue Pays $19M for Birmingham’s First Build-To-Rent Community
Cushman & Wakefield has arranged the $18.9 million sale of The Cottages on Weaver Avenue, a newly constructed built-to-rent community located in the emerging Birmingham, AL suburb of Leeds.
Cushman & Wakefield’s Parker Caldwell, Jimmy Adams and Craig Hey represented the sellers, Tower Homes and Price Hightower, in the transaction. Tampa, FL-based Morrison Avenue Capital Partners acquired the asset.
“Cottages on Weaver Avenue was a strong foray into the build-to-rent space for Tower Homes, one of Birmingham’s most prominent home developers,” said Caldwell, Associate at Cushman & Wakefield. “We are seeing continued demand on both the rental and investment fronts of this new asset class.”
The Cottages on Weaver Avenue represents the first build-to-rent community to market in the Birmingham metro area. Key features include detached single-family homes with large three-bedroom floorplans, private driveways, and spacious front and backyards. The community’s location in Leeds offers access to downtown Birmingham and a variety of retail, dining, and entertainment establishments located along Interstate 20.
- ◦Sale/Acquisition
