Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Wellington Manor, a 312-unit multifamily asset in Alabaster, Alabama.
“This transaction represents the continued momentum we have seen across quality assets within the Birmingham MSA,” said Josh Jacobs, senior vice president investments in Marcus & Millichap’s Birmingham office. Jacobs brokered the sale on behalf of the buyer and seller, both of which are local entities.
Accessible from Interstate 65, the property is less than one mile from the intersection of County Road 68 and U.S. 31,near the Keystone Plaza Shopping Center and Colonial Promenade. Oak Mountain State Park is nearby, and Virginia College and the University of Montevallo are within a short drive.
Constructed from 1997-2003 and situated on over 25 acres, Wellington Manor has a resort-style swimming pool and sundeck, business center, and tennis courts. The unit mix of one-, two- and three-bedroom apartments have central air conditioning and heating, washer and dryer connections, and walk-in closets.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
