BIRMINGHAM, AL - Cushman & Wakefield announced that the commercial real estate services firm has arranged the $18.9 million sale of The Cottages on Weaver Avenue, a newly constructed built-to-rent community located in the emerging Leeds suburb.
Cushman & Wakefield’s Parker Caldwell, Jimmy Adams and Craig Hey represented the sellers, Tower Homes and Price Hightower, in the transaction. Morrison Avenue Capital Partners acquired the asset.
“Cottages on Weaver Avenue was a strong foray into the build-to-rent space for Tower Homes, one of Birmingham’s most prominent home developers,” said Caldwell, Associate at Cushman & Wakefield. “We are seeing continued demand on both the rental and investment fronts of this new asset class.”
The Cottages on Weaver Avenue is a newly constructed community that was delivered in two phases – the first in 2020 and the second in 2021. It represents the first build-to-rent community to market in the Birmingham metro area. Key features include detached single-family homes with large three-bedroom floorplans, private driveways, and spacious front and backyards. The community also sits in Leeds, an emerging outer lying suburb of Birmingham that offers easy access to downtown and a variety of retail, dining, and entertainment establishments located along Interstate 20.
“The buyers are extremely pleased with both the construction quality and embedded leasing velocity of this asset, and will look to further capitalize on Birmingham’s housing growth push down the Interstate 20 corridor,” added Caldwell.
Morrison Avenue Capital Partners is a Tampa-based investment group targeting development and opportunistic acquisitions across the Southeast. Since inception, MACP has acquired or built $500M+ in aggregate asset value across 5,000 units, and they are looking to expand aggressively with their recently raised Fund 30.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is an 85-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.