In the up-and-coming Leeds suburb of Birmingham, Alabama, a newly constructed build-to-rent community titled The Cottages on Weaver Avenue just grossed its creators $18.9 million. The sale was arranged by Cushman & Wakefield for sellers Tower Homes and founder Price Hightower.
When a transaction that large is made, it pays to explore the value involved. Cushman & Wakefield’s Parker Caldwell gives some insight on it: “The Cottages on Weaver Avenue was a strong foray into the build-to-rent space for Tower Homes, one of Birmingham’s most prominent home developers. We are seeing continued demand on both the rental and investment fronts of this new asset class.”
The takeaway? People want to rent in beautiful, highly maintained communities. Investors want to be a part of that demand.
Read more about the sale in Connect CRE’s article: Morrison Avenue Pays $19M for Birmingham’s First Build-To-Rent Community
