Grayton on Dean Apartments in Auburn has been sold to Brookhaven Property Group from New Jersey for $30.25 million.
The previous owner, Brentwood Real Estate Capital (BRECAP) from Tennessee, has another investment in Alabama, Brixworth at Bridge Street in Huntsville.
Grayton on Dean is a 240-unit multi-family property with each unit selling for $126,042, according to a press release from Cushman & Wakefield, the Chicago-based real estate firm that represented BRECAP in the transaction.
The apartments, located on 420 North Dean Road in Auburn, were built in 1964, 1984 and 1986.
At the time of sale, Cushman & Wakefield said the apartment complex was 95% leased.
The property was sold to Brookhaven Property Group from Lakewood, N.J., which will be the company’s eighth asset in Alabama.
“Grayton on Dean came to market fully renovated with high-end finishes, new interiors, a new clubhouse and a very high rent growth, positioning it to perform well in the future,” Jimmy Adams, Executive Vice Chairman of Cushman & Wakefield, said in the release.
The recent renovations of the property include walk-in closets, modern kitchens and new amenities.