Proven Value-Add Opportunity: Currently, 148 of Crestwood Green at 701’s 270 units have been renovated and are achieving an average rent premium of $50-$100 on in-place leases. By renovating the remaining 122 units, new ownership will have the potential to increase NOI.
Upgraded Exterior & Amenities Package: Crestwood Green at 701 offers newly upgraded amenities and exteriors including, updated pool furniture, grilling station, exterior paint, renovated clubhouse & fitness center, coffee station, and more.
Rent Growth Opportunity: Submarket rents are anticipated to grow by 8.4% in 2022 and 4.9% in 2023, according to CoStar projections. Submarket rents are 64.3% higher than they were 10 years ago. That is significantly ahead of the long term performance of the Birmingham market where rents have increased 41.5% in the last decade.
Downtown Advancement: Downtown Birmingham is undergoing a complete transformation through historic renovations and ground-up additions with over $1 billion in active development projects.
Multiple Major Employment Announcements: The Birmingham MSA has had numerous major job announcements, including:
Access to Birmingham’s Major Employers: Tenants will have quick access to 25+ companies that employ over 1,000 people, including:
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as Crestwood Green at 701 (“Property”) located in Birmingham, Alabama. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: