For many in Southeast Huntsville, Country Club Apartments has been home or home to someone we know. Whether it be renting an apartment while a house is being built or restarting one’s life post-divorce, Country Club has provided a country retreat atmosphere for many.

After being in the Averbuch family for over 60 years, the 200-units that sit upon nearly 22 acres of prime real estate was recently sold to Houston-based Truepoint Capital.

SVN AVAT Multifamily LLC., a national leader in commercial real estate, specializing in multifamily properties, brokered the sale for a cool $25.25 million.

Nestled on a property surrounded by lush foliage, Country Club is situated near the hustle and bustle of Airport Road commerce. The central location is ideal, it’s close to the Arsenal, and downtown is just minutes away.

The property has enjoyed a long and prosperous history. Developed by Jerome Averbuch in the 1960s, Country Club has been owned and managed by the Averbuch family throughout its entire history.

Averbuch was influential in helping to create Southside. He was passionate about establishing a sense of community in Huntsville. In addition to Country Club, Averbuch developed Malibu Apartments and Plantation South, one of Huntsville’s first residential condominiums.

Averbuch also built hundreds of homes in the city, as well developing several commercial buildings, offices, condominiums, and hotels throughout the southeastern United States.

After Jerome passed away in 2019, his son Scott took over Country Club and managing the Averbuch Family Enterprises. The younger Averbuch worked with Agee and SVN in negotiating the property sale.

“We sold it to another client of mine from Houston, Truepoint Capital, who also owns other properties in Huntsville, as well,” said Andrew Agee, managing director for SVN. “We closed sometime in mid-December.”

The buyer, Truepoint Capital, plans to build off what the Averbuch family has accomplished. From start to finish, it’s estimated that the upgrades will take a couple of years to complete.

“They’re going to invest around $2 mil into the property, paint exteriors, improve the parking lot and curbs, probably enhance the amenity package a little bit, and then further Scott’s renovations that he had started on the interiors of the units,” said Agee. “Scott’s updated it some, but I think Kyle at Truepoint is going to push it up a little more.”

Over the years the property has been eyed by an assortment of prospective buyers. “I think a lot of people have approached Scott over the years,” said Agee. “I think it was under contract at one point a few years back and they were going to build a senior living facility, an office building, different things, and that fell through. Of course, Walmart wanted to buy it at one point, too, but the city shot that down.”

Country Club will continue as a multifamily rental property. However, there are no plans in the works to build additional units.” “You never know long term, but right now that would not be cost effective, and there’d be a lot of hurdles to get through before that would happen,” said Agee. “So that’s not in the plans immediately.”

“It was obviously a great deal to work on that I enjoyed,” said Agee. “It was in the family for so long. But to be able to work with this family and sell this landmark property with such a rich history is a great honor that I will always cherish. I’m thrilled to see what’s in store for Country Club Apartments.”