Cushman & Wakefield has arranged the sale of Timberfalls, a 176-unit apartment community, and the sale of a three-property portfolio totaling 438 units.The four properties are located in Birmingham, Alabama, and closed on the same day. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the sellers in the transaction.
Broadview & Co. sold Timberfalls to Arcan Capital. Built in 1979, the property was 96 percent occupied at the time of sale, and includes a swimming pool, laundry facility and a clubhouse. Arcan will execute a value-add program on the property.
“Timberfalls offered the opportunity to acquire a well-maintained asset located along Valley Avenue – one of Birmingham’s major thoroughfares,” Jacobs said. “The asset’s strong location and proven value-add potential validated the wealth of upside for its new investors.”
FM Capital sold the three-property portfolio, which includes Alpine Village, Olympia Village and Knoll Crest, to SB Pacific Group. The apartment communities were constructed between 1975 and 1976, and arrived to market 91% occupied with up-trending revenues. Each asset boasted in-place renovations with strong returns and further room to push rents.
“This sale demonstrates the sustained demand for portfolio ownership in the Birmingham metro,” Adams said. “Investors are drawn to Homewood and Hoover as highly profitable investment spaces given the strong schools and barriers to entry. New ownership has a plan to improve operations through management and capital focus.”