119
GULF SHORES, ALA. — An affiliate of Birmingham-based Oakley Group has sold Marbella, a 96-unit apartment community located at 1910 E. First St. in Gulf Shores, a city near the Alabama-Florida border. Atlanta-based Arcan Capital LLC purchased the property from an entity doing business as OG Marbella LLC for an undisclosed price.
The buyer also assumed a HUD-insured loan previously executed by Berkadia. Andrew Brown and Craig Hey of Cushman & Wakefield represented the seller in the transaction.
Situated on a 4.8-acre site, Marbella features one- and two-bedroom residences, as well as a clubhouse, pool, outdoor gathering spaces and grill stations.