Newmark Knight Frank Multifamily announces the sale of Elements of Madison, a 336-unit apartment community located in the northern Alabama city of Madison. Constructed in two phases, 1986 and 1999, Elements of Madison was 95 percent occupied at the time of sale.
Senior Managing Directors Justin Uffinger and Bo Flurry of the firm’s Birmingham office represented the seller in the transaction. The property was sold by Savannah, GA-based Wicker Park Capital Management and was acquired by The Sterling Group of Mishawaka, IN.
According to Uffinger, “This transaction is a testament to the overall Huntsville market as it continues to outpace other Alabama markets as evidenced by positive rent growth in the second quarter of 2020. Elements of Madison received strong interest due to its strategic location in Madison and the ability to create value by modernizing the properties exteriors. The Sterling Group was drawn to the robust job growth in Huntsville which includes Cummings Research Park (26,000 employees), the second largest research park in the country; Redstone Arsenal (44,000 employees); and the new Toyota Mazda Manufacturing plant (4,000 future jobs).”
Elements of Madison offers spacious one-, two- and three-bedroom units that average 999 square feet and feature washer/dryer connections, gourmet kitchens, walk-in closets and fireplaces. The community features attractive amenities including two pools, a business center, playground, fitness center and clubhouse. Nearby Huntsville, nicknamed “The Rocket City,” is a primary technology hub for both Alabama and the greater Southeast. The city is growing at one of the fastest rates in Alabama. Residents of Elements of Madison are a short drive to the area’s major employment centers including Redstone Arsenal, Cummings Research Park and the new Toyota Mazda Manufacturing plant.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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