Marcus & Millichap Real Estate Investment Services has brokered the sale of Parham Pointe, a 393-unit, 341,430 sq. ft. bank-owned multifamily property in Jackson, Miss. The sales price of $10.1 million represents $25,700 per unit, or $30 per sq. ft.
Scott Harris, a senior vice president of investments in the firm’s Oak Brook, Ill. office, and Bradley Barham and Brent Yurtkuran, senior associates in Jackson, represented the buyer, Arlington Properties. The Birmingham, Ala.-based company develops, constructs and manages multifamily and mixed-used properties.
“Arlington Properties specializes in turnaround projects that involve significant rehabilitation,” says Barham of Marcus & Millichap. “Both Arlington and the community will benefit from the restoration of Parham Pointe as it is a high-visibility property.”
The property is located at 5000 Ridgewood Road at the intersection of two major traffic arteries in northeast Jackson, Miss. Jackson’s most heavily used public park, Parham Bridge Park, and Bridges Tennis Center are directly across the street.
“A year ago, this transaction would not have received financing,” says Barham. “In the current market, occupancy continues to recover as pent-up demand is released. Solvent banks are participating in bridge funding for unstabilized assets, even in smaller markets like Jackson,” adds Barham. “This is a positive indicator for continued growth in the multifamily sector.”
Built in 1978 on 24 acres, Parham Pointe is comprised of 31 two-story apartment buildings with both townhouse and flat floor plans. The unit mix is 48% one-bedroom units, 50% two-bedroom units and 2% three-bedroom apartments.
Community amenities include gated access, three swimming pools, two laundry facilities, two tennis courts, a fitness center and a sand volleyball court.