Ridge at Crestwood Undergoing Major Renovations

Cushman & Wakefield has arranged the $23.39 million sale of Ridge at Crestwood, a 344-unit apartment community located in Birmingham, Alabama. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, Forge Partners, in the transaction. A Michigan-based owner/operator acquired the property after recently acquiring an 1,800+-unit portfolio in the market.

“The multifamily inventory within the eastern corridor of Birmingham has received significant capital investments in recent years,” Jacobs said. “Several competing properties nearby have completed successful value-add programs, and the new owners of Ridge at Crestwood are excited at the prospect of boosted NOI and returns through the continuation of the in-place value-add program.”

Ridge at Crestwood, built in 1978, is undergoing major renovations and will offer some of the most desirable finishes and amenities within the Crestwood submarket upon completion.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, 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.