Spencer Trace is getting a $225,000 facelift.
The 50-unit apartment complex along Sullivan Street near downtown Madison has sold to Joy Apartments, LLC for $4 million according to Andrew Agee, managing director of SVN Multifamily, a full-service commercial real estate brokerage firm in Huntsville. The new company plans to invest $225,000 into the property to help position it for long-term success.
Built in 1986, Spencer Trace Apartments has been owned and managed locally for the last several years by Management Enterprises Development and Services. They have partial brick exteriors and extra-large floor plans, with a recently renovated playground. Some of the complex consists of two-story townhome-style units.
According to Agee, Joy Apartments is looking forward to being part of the community.
“Joy is owned by an enthusiastic young couple from the West Coast who are excited for the opportunity to invest in what is becoming a world-renowned market in North Alabama,” said Agee.
They plan to eventually paint the exteriors and repair all the woodwork, repave the parking lot, improve the grounds and landscaping, and make slight modifications to the interiors.
“They also plan to keep the rent ‘reasonable,’” Agee said.
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