Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of St. Andrews Villas, a 96-unit multifamily asset in Madison, Alabama. The property sold for $21.65 million.
“The property is located in the Huntsville metropolitan area, which has seen significant population growth over the last six years, fueled by the area’s low cost of living, mild climate and strong employment market for jobs in the defense, aerospace and manufacturing industries,” said Josh Jacobs, senior director in Marcus & Millichap’s Birmingham office. Jacobs and Marcus & Millichap’s Royce Emerson facilitated the transaction and represented the seller, Andy Keelon of Keelon Development Inc., the sole developer of the project.
Built in 2023, St. Andrews Villas is four miles from the Mazda Toyota Manufacturing plant in Huntsville and a short drive from the Bridge Street Towne Centre shopping mall. Interstate 565 is nearby. St. Andrews Villas is located close to a Publix shopping center, as well as a host of other fast-food restaurants less than 1 mile away.
Residents can enjoy a clubhouse, cabana, picnic areas, and walking/biking trails. There is also a multi-use room plus a conference room that residents are welcome to take advantage of.
Marcus & Millichap, Inc. (NYSE: MMI) 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.
