Oakley Sells 96-Unit Luxury Apartment Community In Gulf Shores

An affiliate of Birmingham-based Oakley Group, a multifamily real estate investment firm, closed on the sale of Marbella, a 96-unit luxury apartment community on 4.77 acres at 1910 East First Street in Gulf Shores. Seller OG Marbella, LLC acquired the property in April 2021. After adding professional onsite property management, improvements and enhancements to community amenities, OG Marbella refinanced the property in August 2022 with a U.S. Department of Housing and Urban Development (HUD) loan, which the buyer 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. Mobile-based Mitchell Group managed the asset for Oakley, and Berkadia’s commercial loan servicing group handled the HUD loan refinance.