Cushman & Wakefield Arranges Sales of Two Birmingham Apartment Communities Totaling $21.5M
BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $21.5 million sale of two apartment communities in Birmingham totaling 289 units located. Andrew Brown, Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Arcan Capital, in the transaction. 3MC Capital Partners, a real estate private equity firm, acquired the properties.
Valley Crest, which includes 176 units, sold for $13.3 million, and Park on Valley, which spans 113 units, sold for $8.2 million.
Valley Crest is located at 316 Beacon Crest Lane and was built in 1979. Park on Valley is located at 741 Barcelona Court and was built in 1973. Community amenities at both include a pool, laundry facilities, clubhouse, picnic area and an onsite property manager. Units include washers and dryers and dishwashers. Both of the properties were 99 percent occupied at the time of sale.
The communities are situated between downtown Birmingham and the municipalities of Homewood and Vestavia Hills. The properties are both close to the University of Alabama at Birmingham.