Arcan Capital has acquired Colony Woods, a 414-unit garden-style community in Birmingham, Ala., for $71.4 million. Cushman & Wakefield arranged the sale on behalf of the seller, Forum Investment Group. The property was 96% occupied at the time of the sale.

Located at 2000 Colony Park Drive, the property is in the Canaba Heights submarket, a suburban region with mostly Class A multifamily products, according to prepared remarks from Andrew Brown, managing director at Cushman & Wakefield. Suburban Birmingham has experienced considerable rent growth and high occupancy levels and the new owner should be able to capitalize on this, Brown added.

Colony Woods encompasses 27 two- and three-story buildings and features amenities such as resort-style pools with sundecks, a club room, fitness center, tennis courts, an outdoor kitchen with fireplace, and a cyber cafe. The property is just off Highway 280, roughly 10 miles from downtown Birmingham, offering access to employment opportunities and retail options.

Birmingham is yet another Sun Belt metro experiencing the positive impacts of robust in-migration. According to ReBusinessOnline, the market has added 60,000 jobs since April 2020, becoming the key economic driver in Alabama. Thanks to an influx of new jobs, the city has exceeded its pre-pandemic economic high, fueling a strong multifamily market.