Cushman & Wakefield has arranged the $34.1 million sale of Stonegate, a 260-unit apartment community located in Birmingham.Jimmy Adams of Cushman & Wakefield represented the seller, Passco Companies, in the transaction. Sunbelt Residential, a subsidiary of Sage Equities, acquired the property.
“The Lakeshore Corridor continues to attract a great deal of investor attention, with multiple value-add initiatives soon underway,” Adams said. “Stonegate outpaced the Birmingham market in rent growth and occupancy over the past three years. Investors saw Stonegate as a strong investment with its promising location, desirable physical plant and value-add upside.”
Built in 2007, the property was 95 percent occupied at the time of sale. The community, located off Lakeshore Parkway, sits adjacent to the prominent Robert Trent Jones Golf Trail. Amenities include a fitness center, picnic area, swimming pool, tennis court and a walking trail.