Marcus & Millichap Inc. announced the sale of two Alabama apartment complexes this week.
Cahaba Park Apartments, located in Homewood, sold for $4.7 million. Built in 1954, Cahaba Park has 34 units on 3.79 acres of land with a total of 36,467 rentable square feet.
“Homewood is an extremely desirable submarket, as shown by rents increasing by more than 10% over the last year,” said Josh Jacobs, first vice president investments, Marcus & Millichap.
The Villas at Westridge, in western Birmingham, sold for $2.7 million. Constructed in 1975, the Villas at Westridge has 42 units and is located off Interstates 20 and 59, just minutes from downtown Birmingham and the central business district.
“This particular pocket of Birmingham has experienced considerable activity and momentum in recent years, as several multifamily assets have undergone extensive repositioning,” said Jacobs.
Marcus & Millichap Inc. specializes in commercial real estate investment sales, financing, research and advisory services, with 82 offices in the United States and Canada. In 2021, the firm closed 13,255 transactions with a sales volume of approximately $84.4 billion.