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Cushman & Wakefield Arranges $93.53M Sale for Texas-based Real Estate Firm

May 23, 2019

BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 23, 2019--

Cushman & Wakefield (NYSE: CWK) has arranged the $93.53 million sale of three multifamily properties in Birmingham, Alabama, totaling 1,816 units. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, a Texas-based real estate firm, in the transaction, which is the largest in the Birmingham market in the last five years. Contour Development acquired the properties.

“The more than 1,800-unit package represented the rare opportunity to establish a major foothold as a large-scale portfolio owner within the Birmingham rental market,” Jacobs said. “The offering generated significant interest on a national and even international level. New ownership offers an impressive track record in multifamily revitalizations across the U.S., and we are extremely excited to see their value-add programs take shape at each property.”

The Park at Buckingham, located in Homewood, was built in 1972 and includes 583 units. Amenities include lighted championship size tennis courts, a sand volleyball court, two pools with sun decks and a theater room. The Park at Callington and Carlyle encompasses a total of 1,233 units built in 1978 and 1973. Amenities include lighted tennis courts, three pools with sun decks, a volleyball court and a fitness center. Each asset maintains an excellent location with connectivity to Homewood and to Downtown Birmingham’s employment drivers.

Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling over $4.5 billion in sales volume, according to Real Capital Analytics. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://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 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Source: Cushman & Wakefield

View source version on businesswire.com:https://www.businesswire.com/news/home/20190523005495/en/

CONTACT: For Further Information Contact:

Savannah Durban

Communications Specialist

+1 404 853 5371

savannah.durban@cushwake.com

Media Contact:

Bailey Webb

Corporate Public Relations Director

+1 404 682 3381

bailey.webb@cushwake.com

KEYWORD: UNITED STATES NORTH AMERICA ALABAMA ILLINOIS TEXAS

INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE

SOURCE: Cushman & Wakefield

Copyright Business Wire 2019.

PUB: 05/23/2019 10:38 AM/DISC: 05/23/2019 10:38 AM

http://www.businesswire.com/news/home/20190523005495/en

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