Cahaba Brook Apartments, located at 3286 Bearden Court, has been sold as part of a package deal with Cahaba Park Apartments in Homewood.
Joshua Jacobs, an investment sales associate at Berkadia, brokered the sale of the two apartment complexes. He did not disclose the final sale price or the names of the buyer and seller, though he noted that both were local firms. Jacobs said the properties were sold as an LLC membership interest transfer agreement.
The two properties are listed on the Berkadia Real Estate Advisors website as part of the Carmel Road Portfolio, which Jacobs said consists of seven metro area properties. Two other properties in the portfolio were also sold to different buyers.
Timing and market demand, Jacobs said, were among the reasons the original property owner decided to sell.
“The Birmingham market is extremely active right now when it comes to multi-family transactions,” Jacobs said. “It is a seller’s market right now.”
The new owners of Cahaba Brook are planning renovations for its interior. Jacobs noted that this would increase the value of the two-story complex, which covers 28,164 square feet and includes 20 apartment units. Though no immediate rent increases are planned, Jacobs expects the renovations’ impact on property value will raise prices in the future.
“It’s positive changes for the residents and the community,” Jacobs said.
To learn more about this transaction, Jacobs can be reached at 913-5965.
