SVN | AVAT, Sunbelt Multifamily, a commercial real estate brokerage firm specializing in multifamily real estate, announced today the sale of Spencer Trace Apartments, a 50-unit apartment property located in Madison, Alabama. According to Andrew Agee, managing director of SVN Multifamily, the asset sold for $4 million.

The property, located along Sullivan Street near downtown Madison, was developed in 1986. Spencer Trace has been owned and managed by local group, Management Enterprises Development and Services for the last several years. The property boasts extra-large floor plans, a recently renovated playground, partial brick exteriors, and many two story, townhome style units.

The buyer, Joy Apartments, plans to invest $225,000 into the property and position it for long-term success.

SVN Multifamily managed more than $250 million in transaction volume across the Southeast US in 2021. For more information about this transaction or other transactions in the Huntsville area, contact Andrew Agee with SVN Multifamily at andy.agee@svn.com.