A Byram, Mississippi, apartment complex sold for $59.3 million slightly more than two years after trading for $46.4 million in part due to continued strong occupancy.
The deal for the Reserve of Byram received a 2024 CoStar Impact Award for sale/acquisition of the year for Jackson, as judged by real estate professionals familiar with the market.
About the Deal: The 392-unit complex was bought by Ember Equities in February 2023 and sold by Carter Multifamily, which bought the property initially in December 2020.
The property had a 97% occupancy rate at the time of the sale, with renters in one- to three-bedroom units spanning from 776 to 1,327 square feet and monthly rents ranging from $1,050 to $1,365.
They Made it Happen: Andrew Brown, executive director for Cushman & Wakefield