Wicker Park Capital Management acquires a Huntsville apartment community for $27 Million
A real estate investment firm with an office in Birmingham has made a $27.45 million deal in the Rocket City.
Wicker Park Capital Management LLC, an affiliate of Savannah, Georgia-based Wicker Park Capital Management and Crawford Square Real Estate Advisors, acquired Fern Parc, a 343-unit multifamily property in Huntsville, for $80,029 per unit from Panther Residential Management.
“The investment in Fern Parc is consistent with our strategy of investing in mid-sized cities with high job growth, relative affordability, a highly educated work force and a healthy supply-demand housing dynamic,” said Sam Heide, principal at Wicker Park Capital Management’s Birmingham office.
Jimmy Adams and Craig Hey of Cushman & Wakefield (NYSE: CWK) represented the seller, which is headquartered in Woburn, Massachusetts, in the transaction.
“Fern Parc arrived to market fully renovated with market-backed, value-add upside,” Adams said. “Huntsville continues to draw national interest, driven by its robust job market (No. 6 in the U.S.) and rent growth (No. 4 nationally), strong demographic profile and heavy capital investments. New ownership is excited to capture further momentum as Huntsville continues to build upon its national reputation as a premier investment locale.”
Built in 1974 and renovated in 2015, Fern Parc is located in south Huntsville with visibility off U.S. 231 and easy access to Redstone Arsenal and downtown.
Cushman & Wakefield’s Southeast Multifamily Advisory Group closed on more than $4.5 billion in sales volume in 2018.
The deal comes at a time when Huntsville and Birmingham are experiencing increased demand for apartment communities as new developments come on the market and developers upgrade existing stock and expand into affordable workforce housing.
