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East Birmingham Apartment Complex Sells for $2.4 Million

April 26, 2022

BIRMINGHAM, Ala., April 26, 2022 – 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 Community Gardens Apartments in Birmingham, Alabama, according to Jody McKibben, Marcus & Millichap first vice president and regional manager. The asset sold for $2,425,000.

“This property was virtually abandoned within the last 10 years and is now a thriving community,” says Andrew Jacobs. “We’re thrilled to see new ownership continue the positive momentum as they execute their business plan in this strengthening corridor of East Birmingham.”

Jacobs, in addition to Josh Jacobs, had the exclusive listing to market the property on behalf of the seller. The team also secured the buyer, a limited liability company based in Atlanta.

Community Gardens Apartments is located at 7806 1st Avenue North in Birmingham, Alabama. The 41-unit complex offers one- and two-bedroom floor plans and was built in 1948. Since 2015, the entire property has been completely rehabilitated, including all unit exteriors, interiors, HVACs, flooring and plumbing.

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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