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 McGehee Park, a 228-unit apartment property located in Montgomery, Alabama, according to Jody McKibben, regional manager of the firm’s Birmingham office. The asset sold for $9,300,000 and is located at 3800 Governors Dr in Montgomery, Alabama.
“We have enjoyed continued success in the Montgomery MSA with the recent sale of McGehee Park, marking our ninth closing in the market over the past year representing in excess of 1,100 units, with a combined asset value exceeding $100 million,” said Josh Jacobs, first vice president investments.
Josh Jacobs and Royce Emerson, investment specialists in Marcus & Millichap’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“The Montgomery multifamily sector has seen a steady flow of institutional capital move into the market, even amongst the recent capital market turmoil. Investors are attracted to the very tight rental market with minimal apartment development on the horizon,” said Emerson, vice president investments.
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.
