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Auburn apartment complex sells for $30.25 million to group from New Jersey | Local News

Grayton on Dean

Units from Grayton on Dean Apartments in Auburn. 

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.

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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.

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