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BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $71.4 million sale of Colony Woods, a 414-unit apartment community in the Cahaba Heights submarket of Birmingham. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller, Denver-based Forum Investment Group, in the transaction. The buyer was Arcan Capital, a multifamily investment firm based in Marietta, Ga. Built in 1991 and 1995, Colony Woods was 96 percent occupied at the time of sale. The property features units averaging 1,088 square feet with wood-burning fireplaces, walk-in closets, in-unit washers and dryers and private patios or balconies.