Newmark Knight Frank Arranges $21M Sale of Two Urban Birmingham Apartment Properties
BIRMINGHAM, ALA. — The Newmark Knight Frank (NKF) Multifamily group has brokered the sale of two Birmingham multifamily assets: Pawnee Square, a 72-unit community located in the city’s Highland Park neighborhood; and Jemison Flats, a 59-unit community located downtown. The Jemison Flats sale also included more than 23,000 square feet of commercial space. Bo Flurry and Justin Uffinger of NKF’s Birmingham office represented the sellers in both transactions.
San Diego-based Verada Properties sold Pawnee Square, located at 2912 Pawnee Ave., to Birmingham-based Welden Field Development. The apartment building was 92 percent occupied at the time of sale. Constructed in 1979, Pawnee Square offers one- and two-bedroom floorplans, including loft-style units. The community features a pool and is situated near both the University of Alabama at Birmingham and the central business district.
Jemison Flats, located at 1827 1st Ave. in Birmingham’s Theater District, was sold by Birmingham-based LIV. JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure a three-year, floating-rate acquisition loan through Bridge Investment Group. The apartment building was 93 percent occupied at the time of sale and offers studios, one- and two-bedroom loft-style floorplans, as well as an outdoor green space area, fitness center, grilling station and onsite parking. Jemison Flats was built between 1909 and 1928 and was renovated in 2003.