Oakley closes sale of 96-unit luxury apartment community in Gulf Shores, AL

 

Marbella, a 96-unit luxury apartment community
 situated on 4.77 acres at 1910 East First Street
in Gulf Shores, Baldwin County, AL

BIRMINGHAM, AL and GULF SHORES, AL. --  An affiliate of Birmingham-based Oakley Group, one of the Southeast’s most active multifamily real estate investment firms, closed on the sale of Marbella, a 96-unit luxury apartment community situated on 4.77 acres at 1910 E. First Street in Gulf Shores, Baldwin County, AL. 

The price was not disclosed.

 Andrew Brown 

Seller OG Marbella, LLC, previously acquired the property in April 2021.  After adding professional onsite property management, improvements and enhancements to community amenities, they refinanced the property in August 2022 with a HUD loan, which the buyer now has assumed with the purchase. 

Atlanta-based Arcan Capital, LLC purchased the property that was listed and marketed by Cushman & Wakefield’s Andrew Brown and Craig Hey who ran a competitive bid process.  

 

Marbella features 99,600 square feet of rentable space comprised of 96 one- and two-bedroom residences.  A clubhouse, pool, outdoor gathering spaces and grill stations are among the amenities that were upgraded by the seller, increasing lifestyle value. 

 

Craig Hey

 The community is walkable to Gulf Shores Elementary School and is less than two miles to the beach

 

“Mobile-based Mitchell Group did an excellent job managing the asset for us,” Oakley said, adding that Berkadia’s commercial loan servicing experts seamlessly handled the HUD loan refinance.”

 

Since 2007 Oakley Group and its affiliates has built a track record of successfully investing in multifamily communities and has holdings in various markets throughout the Southeastern U.S.

 

  

CONTACTS:

 

 

David Oakley, OG Capital, 205-913-4632 or  David.Oakley@og.capital

Beth Payan, Larry Vershel Communications Inc. 407-461-3781 (direct) or Beth@LarryVershel.com