The Gulf States office of Marcus and Millichap will be calling for offers Wednesday, September 17th on Arbours at Victoria Place, an 88 unit multifamily community located in Prattville, Alabama. Arbours at Victoria Place, built in 1994, presents robust “mark to market” upside, having recently exited all affordability restrictions and now operating as a fully market rate conventional community.  In-place rents lag the submarket comp set by an average of $350/month, allowing future ownership to achieve outsized returns and an above-market cap rate upon stabilization of the rent roll at the new market rents.    Arbours at Victoria Place sits within close proximity to all major demand drivers and has now proven $350+/month mark to market upside by leasing a 2BR, 1BA unit for $1,196/month. New rental rates across all floorplans show similar increases, with market rents now set at $999 for a 1BR 1BA, $1,196 for a 2BR 1BA, and $1,296 for a 2BR 2BA which is $320/month higher than the average in-place rents. Arbours at Victoria Place will be offered free and clear of existing debt. Please contact the Gulf States office of Marcus & Millichap to discuss this opportunity and other offerings across our pipeline. We look forward to speaking soon!