Cushman & Wakefield has arranged the sale of a three-property portfolio including the 431-unit The Park at Galleria, the 150-unit The Place at Galleria and the 244-unit The Renaissance at Galleria, located in Hoover, Alabama. Jimmy Adams and Josh Jacobs of Cushman & Wakefield represented the seller, Intercapital Group, in the transaction. Sunbelt Residential acquired The Park at Galleria;BAF Associates acquired The Place at Galleria; and Myers Apartment Group purchased The Renaissance at Galleria.

“These assets garnered multiple portfolio offers from well-capitalized national entities, but it was in the seller’s best interest to split the assets up,” Adams said.“Thus, each property sold to a different buyer from around the country. Investors remain attracted to Hoover for its barriers to development and market occupancy of 94%. Each property will undergo renovations in the near future.”

The assets are within a 3.5-mile radius of each other, offering excellent connectivity to Hoover’s state-ranked school system, employment drivers and the submarket’s major retail corridor.

Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling over $5 billion in sales volume. 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 for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 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.