Two Alabama Multifamily Assets Trade at $58.21 Million in Suburban Birmingham
BIRMINGHAM, Ala., March 25, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two multifamily properties in Alabama. They are Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.37 million, or $118,826 per unit and Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.84 million, which represents $110,000 per apartment.
“Birmingham continues to be an attractive place to live and work and Hoover is one of the city’s most desirable and fastest-growing suburbs,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “The properties are situated in an extremely strong retail, employment, and entertainment area within the Hoover submarket. There are more than 10,000 jobs and 3 million square feet of retail within a mile of the properties.” Jacobs represented the seller,theWest Palm Beach, Florida-based Myers Apartment Group and procured the buyer, Carter Funds.
The properties are close to Interstate 459, a new Whole Foods Market, AT&T’s Corporate Offices and Riverchase Office Plaza. Shopping is nearby at Patton Creek and The Galleria. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.