Contour Development Acquires 344-Unit Alabama Asset
- Nov 27, 2019
Forge Partners has sold The Ridge at Crestwood, a 344-unit community in Birmingham, Ala., to Contour Development, who paid $23.4 million for the property. Cushman & Wakefield advised the seller.
The new owner financed the transaction with a $21.5 million loan from Arbor Realty Trust Inc., according to Jefferson County records. The asset last traded in 2018, when Forge Partners paid $12.7 million to buy it from PF Holdings. That sale was financed through a $12.9 million acquisition and development loan, which the seller used for extensive improvements on the property. Renovations at The Ridge at Crestwood are still ongoing.
Formerly known as Sunrise Pointe Apartments, the community was rebranded last year. The unit mix includes one- and two-bedroom floorplans ranging from 650 to 850 square feet, according to Yardi Matrix.
Located at 7716 Sunrise Circle on 26 acres, the property came online in 1975. It offers easy access to Interstate 20 and Crestwood Boulevard and is almost 8 miles from downtown Birmingham. Additionally, several dining options and retail centers are in close proximity.
Cushman & Wakefield Vice Chair James Adams and Director Joshua Jacobs represented Forge Partners in the latest transaction.
This May, Contour Development also acquired three communities in Birmingham. The portfolio, which totals 1,816 units, traded for $93.5 million, one of the largest transactions in the market in five years.