Marcus & Millichap completes Montgomery multifamily asset sale

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Broadstreet at Eastchase
Marcus & Millichap announced the sale of Broadstreet at Eastchase, a 276-unit multifamily asset in Montgomery, Alabama.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Broadstreet at Eastchase, a 276-unit multifamily asset in Montgomery, Alabama. The property, built in 2010, traded for $49.5 million or $182,000 per unit.

“Broadstreet at Eastchase is a fantastic community and among the most well-located assets in Montgomery. We are excited to see future ownership create further value in the coming season,” said Josh Jacobs, First Vice President Investments in the firm’s Alabama office who negotiated the off-market transaction between both Buyer, Kushner, and Seller, a local family office, along with Royce Emerson, Vice President Investments for Marcus & Millichap.

“Apartment rents in the Montgomery market rose more than 10 percent year over year while maintaining a tight 2 percent market vacancy rate in the Class A space. This is a function of limited new supply, driving the strong demand for existing product,” added Emerson.