The Apartments at the Venue in Alabama Sells for $82,524 Per Unit

Cushman & Wakefield has arranged the $51 million sale of The Apartments at the Venue, a Class A, 618-unit apartment community located in Valley, Alabama. Jimmy Adams, Robert Stickel and Craig Hey of Cushman & Wakefield represented the seller, Irinda Capital Management& BRT Realty Trust, in the transaction. Hamilton Point Investments acquired the property.

“The Apartments at the Venue arrived to the market with strong in-place yield and an attractive, low-leverage full-term IO assumable loan,” Adams said. “More than $1 million has been invested at the property since 2015, leaving the next investor freedom to focus on value-add and additional land for development.”

The Apartments at the Venue, built in 2008, is strategically located in one of the Southeast’s primary auto corridors, just 20 minutes southwest from Kia (3,000 jobs) and the upcoming Sentury Tire plant (1,000 jobs by 2019). Amenities include three resort-style pools, two state-of-the-art clubhouses with business centers, a fitnessfacility, detached garage units and private access gates.

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 Irinda Capital Management

Irinda Capital Management is an Atlanta based real estate investment company that specializes in value-add and opportunistic real estate across the country. Irinda has completed more than $1B in full cycle acquisitions and dispositions in the post 2008 cycle.

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.