Forge Partners Adds Birmingham Multifamily to Portfolio
“This sale is the latest in a series of transactions in East Birmingham that have resulted in heavy value-add campaigns,” said C&W’s Josh Jacobs.
BIRMINGHAM, AL—West Coast multifamily development and investment firm Forge Partners has acquired the 344-unit Sunrise Pointe apartment community here.
Brokerage firm Cushman & Wakefield reports the property was sold by Newark, NJ-based PF Holdings. Forge Partners is headquartered in Rancho Sante Fe, CA
“This sale is the latest in a series of transactions in East Birmingham that have resulted in heavy value-add campaigns,” said C&W’s Josh Jacobs. “Sunrise Pointe will be repositioned in the coming season, as new ownership has big plans for rebranding and renovating the property, which will benefit the surrounding community as well.” Jacobs represented PF Holdings in the transaction.
Built in 1978, Sunrise Pointe is located in the Interstate 20 corridor near Irondale and Crestwood, which have seen significant momentum in recent years, C&W states. The property offers immediate interstate access, and is near the submarket’s major retail and entertainment drivers.
No financial terms of the deal were released.