Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Onyx at 600 and Ascot Place Apartments, two multifamily properties, totaling 520 units in Birmingham, Alabama. The properties sold for a combined $46,400,000 or $89,000/unit.
“Ascot Place and Onyx at 600, built between 1972 and 1985, are conveniently situated in close proximity to the top retail and demand drivers across the submarket and are located within minutes of the Downtown Central Business District and many of the state’s largest employment and demand drivers,” said Josh Jacobs, first vice president investments out of the firm’s Birmingham office. “The sustained revenue growth and value-add opportunities within these two assets, made for a competitive sales process in a market that ranks amongst the top 10 in several key economic indicators such as job growth percentages and pandemic recovery.”
