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BIRMINGHAM, ALA. — Berkadia has arranged the $12.5 million sale of the Core 174 Portfolio, which includes four apartment complexes in Birmingham totaling 174 units. The portfolio includes Element 26, Fox Hall, Forest Park and 5th Avenue, all of which are located within three miles of downtown Birmingham. Core 174 was constructed between 1963 and 1978 and renovated between 2013 and 2015. David Etchison, Abe Maddox and Caleb Frizzell of Berkadia represented the seller, Birmingham resident Elton Stephens Jr., in the transaction. Birmingham-based Hughes Capital Partners acquired the portfolio at a 4.7 percent cap rate.