crefeed.com | Cushman & Wakefield broker sale of Birmingham multi-family

11/7/2007

Cushman & Wakefield broker sale of Birmingham multi-family

Ridge Crossings Apartments

Davie, Fla.-based New Dawn Cos. has purchased the Ridge Crossings Apartments in Birmingham, Ala., for $68.5 million from Birmingham-based Engel Realty Co.

Steve Griffin and Nate Swenson of Cushman & Wakefield, along with Bill Butler of Engel Realty, represented Engel.

The 725,000 square foot apartment complex contains 720 units and has an occupancy rate in the mid 90s (percent), according to Griffin. The property was built in several phases with 306 units completed in 1991, 214 in 1994 and 200 units in 1997.

Griffin joined Cushman & Wakefield's Apartment Brokerage Services in July 2002 after being vice president of asset management with Simpson Housing. Prior to that, Steve was an acquisitions vice president with Jacques-Miller, Inc., and manager of two real estate offices for The Manufacturers Life Insurance Company. He received his B.A. from Vanderbilt University and his M.B.A. from Georgia State University.

Address: 100 Tree Crossings, Birmingham, Ala.

Size: 725,000 square feet

Built: 1991-1997

Filed Under: Multi-Family

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