Two multifamily property sales in the Birmingham area have brought a combined $58.2 million.
Marcus & Millichap brokered the sale of Chace Lake Villas for $31.37 million and Renaissance at Galleria for $26.84 million. The former included 264 units and the latter 244.
“Birmingham continues to be an attractive place to live and work and Hoover is one of the city’s most desirable and fastest-growing suburbs,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “The properties are situated in an extremely strong retail, employment and entertainment area within the Hoover submarket. There are more than 10,000 jobs and 3 million square feet of retail within a mile of the properties.”
Jacobs represented the seller, the West Palm Beach, Florida-based Myers Apartment Group, and procured the buyer, Carter Funds.
The properties are close to Interstate 459, a new Whole Foods Market, AT&T’s Corporate Offices and Riverchase Office Plaza. Shopping is nearby at Patton Creek and The Galleria. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994.