Press Release

CBRE SECURES FINANCING FOR CONSTRUCTION OF HIGH RISE APARTMENT TOWER IN BIRMINGHAM

10 7 2017

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Atlanta – July 10, 2017 – CBRE today announced that the firm’s Debt & Structured Finance team has secured construction financing on behalf of Cortland Partners of Atlanta and Harbert Realty Services for Vesta Apartments, a 318-unit mid-rise and high-rise luxury multifamily development coming to the Five Points South submarket of Birmingham, Ala. The new tower will be the first high-rise development of its kind in Birmingham.

Bill Leffler of CBRE’s Atlanta office led the capital markets efforts for the Cortland team. 

“This transaction is representative of the city’s future growth plans,” said Leffler of CBRE. “Vesta is a very differentiated product from the standard market rate apartments in the area. It will be the first Class-A high-rise in Birmingham and will appeal to those looking for luxury rental options.”

Vesta Apartments will include a rooftop deck with amenities, a fitness area with 360 degree views of the Birmingham skyline, an infinity-style pool, a sleek lobby with 24-hour concierge, and secure parking. 

The rebirth of Birmingham’s City Center, entertainment district and creation of flexible offices, coupled with efforts to attract and retain young talent have sparked the need for multifamily options.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.