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 Oasis Apartment Homes in Homewood, Alabama, according to Jody McKibben, Marcus & Millichap first vice president and regional manager. The asset sold for $6,720,000.
“The purchaser was attracted to the fundamentals of the Homewood submarket and its proximity to downtown demand drivers,” says Josh Jacobs, first vice president investments in the firm’s Birmingham office. “The property will receive significant capital injection going forward, with full renovations across the remaining units.”
The owner was based locally in Birmingham and the purchaser is a limited liability company based out of Atlanta.
Oasis Homewood Apartment Homes is located at 3335 Old Montgomery Highway in Homewood, Alabama, a five-minute drive from the University of Alabama at Birmingham and downtown Birmingham. Consisting of 60 units ranging from one to three bedrooms, the property was built in 1954.