AUBURN, AL - Cushman & Wakefield announced today that the commercial real estate services firm has arranged the $30.25 million sale of Grayton on Dean, a 240-unit multifamily apartment community located in Auburn, Alabama.
Jimmy Adams and Parker Caldwell of Cushman & Wakefield represented the seller, BRECAP, in the transaction. The property was acquired by Brookhaven Property Group, based in Lakewood, New Jersey. Grayton on Dean is the second property that Brookhaven has acquired via Cushman & Wakefield this quarter (100-unit Woodbend in Opelika, Alabama), and represents its eighth asset in Alabama.
"Grayton on Dean came to market fully renovated with high-end finishes, new interiors, a new clubhouse, and very high rent growth, positioning it to perform well in the future,” said Adams. “The property is also in the Auburn market, which has experienced incredible momentum in recent years fueled by a highly educated workforce and the renowned University."
Built in 1964, 1984, and 1986, Grayton on Dean is located off Dean Rd. and was 95 percent leased at the time of sale. As a recently renovated property, the community offers top-tier amenities including a pickleball court, state-of-the-art fitness center, two modern swimming pools, a barbecue area, on-site laundry and pristine landscaping and grounds. Units are equipped with modern chef-inspired kitchens and spacious walk-in closets.
Grayton on Dean is also in a highly visible location with South Opelika Rd., Southwest Auburn Mall, Interstate 85, and Auburn University all less than two miles away.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.