Press Releases
Marcus & Millichap Brokers Northern Alabama Multifamily Asset Sale
February 06, 2024
MADISON, Ala., Feb. 6, 2024 – 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 St. Andrews Villas, a 96-unit multifamily asset in Madison, Alabama. The property sold for $21.65 million.
“The property is located in the Huntsville metropolitan area, which has seen significant population growth over the last six years, fueled by the area’s low cost of living, mild climate and strong employment market for jobs in the defense, aerospace and manufacturing industries,” said Josh Jacobs, senior director in Marcus & Millichap’s Birmingham office. Jacobs and Marcus & Millichap’s Royce Emerson facilitated the transaction and represented the seller, Andy Keelon of Keelon Development Inc., the sole developer of the project.
Built in 2023, St. Andrews Villas is four miles from the Mazda Toyota Manufacturing plant in Huntsville and a short drive from the Bridge Street Towne Centre shopping mall. Interstate 565 is nearby. The property is composed of one-level luxury townhomes with nine-foot ceilings, walk-in showers, and garages wired for electric car chargers. Community amenities include a swimming pool, co-working space and a gym.
“The property is located in the Huntsville metropolitan area, which has seen significant population growth over the last six years, fueled by the area’s low cost of living, mild climate and strong employment market for jobs in the defense, aerospace and manufacturing industries,” said Josh Jacobs, senior director in Marcus & Millichap’s Birmingham office. Jacobs and Marcus & Millichap’s Royce Emerson facilitated the transaction and represented the seller, Andy Keelon of Keelon Development Inc., the sole developer of the project.
Built in 2023, St. Andrews Villas is four miles from the Mazda Toyota Manufacturing plant in Huntsville and a short drive from the Bridge Street Towne Centre shopping mall. Interstate 565 is nearby. The property is composed of one-level luxury townhomes with nine-foot ceilings, walk-in showers, and garages wired for electric car chargers. Community amenities include a swimming pool, co-working space and a gym.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
