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 Creekside Athens, a 98-unit apartment property with 10 acres of land zoned for 120 additional multifamily units in Athens, Alabama.
“Over the last decade, the Huntsville MSA experienced 19% job and 15% population growth and in the last five years, the Athens area’s population has grown by 20%,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “This transaction represents the continuing momentum of multifamily asset sales throughout the Huntsville MSA, and we look forward to seeing the buyer’s business plan unfold.” Jacobs and Marcus & Millichap’s Royce B. Emerson had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The property is 25 miles from Alabama’s largest employer, Redstone Arsenal and the Mazda Toyota manufacturing plant in Huntsville is a short drive away. Other large nearby employers are Tennessee Valley Authority, Target and Polaris Industries. Athens State University is five miles from the property.
Constructed in 2021, Creekside Athens has build-to-rent-style two-bedroom and three bedroom floorplans with sunrooms, walk-in closets, patios and porches. Community amenities include a swimming pool, fitness center and clubhouse.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
