Arcan Capital acquired Colony Woods, a 414-unit multifamily property located in the Cahaba Heights submarket of Birmingham, Ala., from Forum Investment Group. The final sale price was $71.4 million. Cushman & Wakefield arranged the transaction.
“Colony Woods is a well-located asset in a high-traffic submarket of Birmingham just off Highway 280. Surrounded by primarily Class A product, the property is well-positioned to benefit from a capital infusion campaign to upgrade unit interiors and amenities,” said Andrew Brown, managing director at Cushman & Wakefield. “Suburban Birmingham multifamily has also experienced recent rent growth at high occupancy levels and new ownership should be able to capitalize on the upside.”
Colony Woods was 96-percent leased at the time of sale. The multifamily property offers a prominent location near a variety of employment opportunities and retail.
In April 2022, Greystone
