Skip to main content

Multifamily

Summit at Glenn

516 E Glenn Ave, Auburn, AL 36830

Listing Price: Request For Offer

Number of Units
72
Gross SF
61,000

Investment Overview

The Gulf States office of Marcus and Millichap is pleased to present the exclusive opportunity to acquire the Auburn Three Portfolio, three multifamily communities totaling 187 units in Auburn, Alabama. The Summit properties (Glenn, Dean, Ross) are nestled within close proximity to Auburn University, which yields an economic impact north of $5.5 billion for the state of Alabama and is the region’s largest employer at over 5,000. Additionally, the university boasts a total enrollment in excess of 31,000 students. In the midst of recovery from the pandemic, a recent quarterly survey revealed employment numbers have surpassed those of the pre-Covid-19 period – in part, due to significant upward momentum in the local economy via corporate investment expansions nearing $400mm and over $200mm awarded in defense contracts. The Auburn Three arrives to market 100% occupied and has received a significant capital infusion in recent years with a combined $300,000+ injected into both exteriors and interiors across the portfolio. This strategic investment has led to strong historical occupancy and the opportunity exists for the next investor to realize additional value by way of continuing to update interiors across all remaining classic units, as comparable properties are receiving premiums in excess of $200 for rehabbed interiors.

Investment Highlights

  • Summit at Glenn is nestled within close proximity to Auburn University with a total enrollment of over 31,000 students.
  • A locally managed, well-maintained asset with the opportunity for amenity and interior enhancements providing significant rent growth upside.
  • Stabilized asset operating at 100% occupancy with significant capital injected via CapEx since 2017.

Exclusively Listed By

Multifamily

Summit at Glenn

Listing Price: Request For Offer

Number of Units
72
Gross SF
61,000

Investment Highlights

  • Summit at Glenn is nestled within close proximity to Auburn University with a total enrollment of over 31,000 students.
  • A locally managed, well-maintained asset with the opportunity for amenity and interior enhancements providing significant rent growth upside.
  • Stabilized asset operating at 100% occupancy with significant capital injected via CapEx since 2017.

Investment Overview

The Gulf States office of Marcus and Millichap is pleased to present the exclusive opportunity to acquire the Auburn Three Portfolio, three multifamily communities totaling 187 units in Auburn, Alabama. The Summit properties (Glenn, Dean, Ross) are nestled within close proximity to Auburn University, which yields an economic impact north of $5.5 billion for the state of Alabama and is the region’s largest employer at over 5,000. Additionally, the university boasts a total enrollment in excess of 31,000 students. In the midst of recovery from the pandemic, a recent quarterly survey revealed employment numbers have surpassed those of the pre-Covid-19 period – in part, due to significant upward momentum in the local economy via corporate investment expansions nearing $400mm and over $200mm awarded in defense contracts. The Auburn Three arrives to market 100% occupied and has received a significant capital infusion in recent years with a combined $300,000+ injected into both exteriors and interiors across the portfolio. This strategic investment has led to strong historical occupancy and the opportunity exists for the next investor to realize additional value by way of continuing to update interiors across all remaining classic units, as comparable properties are receiving premiums in excess of $200 for rehabbed interiors.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower