Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Villas at Kelly Springs, a 105-unit multifamily community in Huntsville, Alabama.
“Often considered the ‘Silicon Valley of the South,’ Huntsville is one of the fastest growing and most dynamic cities in the country, which was a key component in the marketing strategy for Villas at Kelly Springs,” said Josh Jacobs, first vice president investments, Marcus & Millichap. “The asset is located less than seven miles from Redstone Arsenal, Cummings Research Park, and Redstone Gateway, accounting for over 70,000 jobs in the city and serving as the ideal location for commuters.” Jacobs and Royce Emerson represented the seller and procured the buyer.
“The property’s proximity to many large high-tech, advanced manufacturing, and government-related institutions helped fuel a competitive sales process,” added Jacobs. “Interested parties saw the mass potential surrounding this asset as Huntsville’s population has grown by 9.5 percent, the fastest rate anywhere within Alabama since 2010 while the average household income increased by 13.7 percent in the same period. Additionally, it was recently announced that 1,500 Federal Bureau of Investigation jobs are expected to relocate to Huntsville by 2023.” Constructed in 2020, Villas at Kelly Springs offers residents Class A in-unit and community amenities, while remaining an affordable living option to comparable options. Community amenities include a dog park, clubhouse, gym, and pool.