Recently Renovated Property Sells for $93,750 Per Unit

Cushman & Wakefield has arranged the $18.75 million sale of Village at Grants Mill, a 200-unit apartment community located in Birmingham, Alabama. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, LMS Real Estate, in the transaction. An East Coast private capital buyeracquired the property.

“The Irondale rental market has been a high-demand location for renters seeking quick access to retail and downtown,” Adams said. “The asset offered a top-class amenity package compared to the competition, paired with a highly accessible location. Investors spotted a great opportunity to acquire a fully renovated asset in an up-trending submarket with organic rent growth potential.”

Village at Grants Mill consists of 200 units built in 1985 and fully renovated in 2017. The property was purchased during lease-up.

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 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 Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.