JV Invests $24.8M in Colony Woods Apts.
CBRE, Rock Apartment Brokers Deal for 414-Unit Multifamily in Birmingham
November 18, 2009
Colony Woods Apartments at 2000 Colony Park Drive in Birmingham, AL, sold for $24.8 million, or about $59,903 per unit. Core Properties LLC of Columbus, OH, and partner Carter-Haston Real Estate Services Inc. of Nashville, TN, purchased the property from a private investor.
The complex measures 450,682 square feet and has a total of 414 units on 40 acres along the Highway 280 corridor.
The property was built in 1994 and had maintained a high level of occupancy successfully. Core Properties plans to spend several million dollars in upgrades to the complex.
CB Richard Ellis and Rock Apartment Advisors both handled the deal. Red Capitol Group assisted the buyers in obtaining the Fannie Mae financing.
Please see CoStar COMPS #1826663 for more information.