Cushman & Wakefield has arranged the $21 million sale of The Kenzie, a 213-unit apartment community located in Birmingham, Alabama. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, FPA Multifamily, in the transaction. Dallas-based Saxony Capital Management acquired the property.
“The Kenzie presented a rare opportunity to capture strong cash flows and yields through the continuation of its successful value-add program,” Brown said. “Additionally, the market was extremely attracted to the municipality’s affluent demographics, heavy barriers to entry, and state-ranked school systems.”
The Kenzie, built in 1973, is situated in a highly sought-after submarket featuring state-ranked schools with easy access to quality retail and jobs.
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 FPA Multifamily, LLC
The seller is an affiliate of FPA Multifamily, LLC. FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 115,500 apartment units valued at over $13.2 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VII which will acquire approximately $3.0 billion of assets and its core-plus focused FPA Core Plus Fund IV which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Atlanta, Chicago, Dallas, Denver, Irvine, Minneapolis, and Washington DC. For more information, please visit www.fpamf.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.
