Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Cloverdale Estates, a 106-unit apartment property located in Montgomery. Alabama.
“This transaction highlights our team’s ability to deliver exceptional results in the Montgomery multifamily market,” said Royce Emerson, vice president investments. “The sale of Cloverdale Estates is part of our ongoing success in the region, with over $200
million in multifamily transaction volume closed in recent years.”
Emerson and Josh Jacobs, investment specialists in Marcus & Millichap’s Birmingham office, had the exclusive listing to market the property on behalf of the seller, RK Cloverdale, LLC, and procured the buyer, DD Cloverdale, LLC.
Built in 1953, the multifamily community has undergone significant repositioning in recent years, with most units receiving interior renovations, complete roof replacements, mechanical and amenity upgrades, and other cosmetic enhancements. Cloverdale Estates is less than 10 miles from downtown Montgomery and within walking distance of Huntingdon College and Alabama State University.
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.
