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 the Auburn Summit Portfolio in Auburn, Alabama, according to Jody McKibben, Marcus & Millichap first vice president and regional manager. The portfolio sold for $19,000,000 and consisted of the following apartment assets:
- The Summit at Glenn, 72 units located at 516 East Glenn Avenue, built in 1974.
- The Summit at Dean, 54 units located at 555 North Dean Road, built in 1977.
- The Summit on Ross, 60 units located at 650 North Ross Street, built in 1964
“Auburn is a historically strong apartment market due to the university and the job market it creates,” says Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “Rents have grown by 5% annually over the past three years and it will continue to be a great market to do business.”
Josh Jacobs, in addition to Andrew Jacobs of the firm’s Birmingham office and Matthew Prozzillo and Benjamin Skinner of the Orlando office, had the exclusive listing to market the property on behalf of the Texas-based owner. The buyer, a private investor out of Utah, was also secured by the team.
“Interest, particularly from out-of-state groups compelled by the momentum in Auburn, was strong,” says Andrew Jacobs. “Our marketing campaign yielded over 25 tours and more than 15 qualified offers.”
The portfolio combines for 187 total units, with the sales price per unit averaging out to $101,500. The properties are locally managed, well-maintained assets located within a five-minute drive of the 31,000-plus-student Auburn University, which yields an economic impact north of $5.5 billion and is the region’s largest employer at over 7,000.