Marcus & Millichap : Announces Sale of Feemster Lake Road Apartments in Tupelo

TUPELO, Miss., April 3, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 130-unit apartment property located in Tupelo, Miss. The property at 1537 Feemster Lake Road, sold for an undisclosed price.

"This represents the largest acquisition by this buyer to date" said Preston Cooper, first vice president investments. "The 130-units increased the size of their holdings by approximately 20 percent. The property fits very well with their existing multifamily portfolio focused on workforce housing in the highly desirable Tupelo area."

Cooper, Wallace Schmuck and Matt Smith, investment specialists in Marcus & Millichap's Birmingham office, had the listing to market the property on behalf of the seller, and procured the buyer, Prosper Management Group of Tupelo. Mickey Davis, Marcus & Millichap Broker of Record in Mississippi, assisted in closing the transaction.

Built in 1992, Feemster Lake Road Apartments houses 130 one- and two-bedroom units ranging from 500 to 1,000 square feet. The property is adjacent to Itawamba Community College and within a 10-minute drive to numerous retail shopping centers.