Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Station at Town Madison, a 274-unit apartment community located in Huntsville, Alabama.
Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Tynes Development, in the transaction. Steadfast Apartment REIT, which owns and operates a diverse portfolio of well-positioned, institutional-quality apartment communities in targeted markets throughout the U.S., acquired the property.
“The Station at Town Madison is a brand new, top-of-the-line asset that has become an iconic symbol off of Interstate 565,” Adams said. “This sale represents highly sophisticated equity groups seeking Huntsville investment opportunities, from institutions to REITs to national apartment funds. Data related to new jobs and rent growth are very impressive.”
Constructed in 2020, amenities include a resort-style saltwater pool, outdoor lounge with fire pit and grilling area, electric car charging stations, 24/7 Amazon Hub lockers, cyber café, 24/7 fitness center and wellness studio, private garages available, and enclosed bark park with pet spa. The property is situated within the 563-acre Town Madison master development which includes Toyota Field, home to Huntsville’s new minor league baseball team.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.