Canopy Park

About Canopy Park

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The Cushman & Wakefield Sunbelt Multifamily Advisory Group is proud to present the exclusive listing of Canopy Park, a 234-unit, 2023-built apartment community which includes 12,769 SF of ground-floor retail located in Pelham AL, a rapidly expanding suburb of the Birmingham MSA. Canopy Park is a market-leading, institutional quality, mixed-use asset in an irreplaceable location within the Pelham Arts & Entertainment district; adjacent to Oak Mountain State Park (1M annual visitors). Canopy Park has positioned itself as the market-leading asset, insulated from the supply of downtown Birmingham, and the only new-construction conventional multifamily deal built within the last 8 years in a 5-mile radius.

The Pelham market has seen exceptional expansion, with 80% population growth in the last 25 years. The combination of impressive demographics ($108K 5-mile HHI), lack of competitive supply (zero new units planned within 4-mile radius), and a growing market has positioned Canopy as one of the best assets within the entire MSA. The offering includes 12,769 SF of ground floor retail, anchored by a noteworthy local restaurant chain – Big Bad Breakfast – operated by a James Beard award-winning chef, and largely recognized as the #1 Breakfast in Birmingham. With staggering lease-up performance (27 avg move-ins during 2024 peak leasing), and impressive rental trends (9% and 5% avg increases on renewals and trade outs, respectively), Canopy Park offers an unparalleled opportunity to acquire a high performing property reaching the end of lease up, at a basis below replacement cost.