Arcan Capital Acquires Tapestry Park Apartments In Birmingham For $70.8 Million

The transaction involved the sale of Tapestry Park Apartments located at 801 Montclair Road in Birmingham, AL. The multi-family property consists of nine apartment buildings with a total of 949,793 square feet. The transaction was completed for a price of $70,800,000, translating to a price per square foot of $75.

Summary of transaction details:

• Property Type: Multi-family
• Transaction Amount: $70,800,000
• Sale Date: 07/17/2024
• Buyer: Arcan Capital
• Seller: SIR Tapestry Park LLC
• Broker Representatives: Andrew Brown & Craig Hey - Cushman & Wakefield

SIR Tapestry Park LLC, previously associated with Steadfast Income Real Estate Investment Trust Inc., was the seller in this transaction. The brokers involved, Andrew Brown and Craig Hey from Cushman & Wakefield, facilitated the deal between the buyer and seller.