Marcus & Millichap Inc Stock Price, News & Analysis

Marcus & Millichap (NYSE: MMI) announced the $80.75 million sale of The Benson, a 236-unit multifamily property in Upland, California, translating to $342,161 per unit. The property, benefiting from significant capital improvements, offers new ownership opportunities for revenue-enhancing upgrades. Rents in Upland have surged 13% over the past year, with competitive set rents approximately 35% higher than current rates at The Benson. The area boasts a 97% average occupancy, driven by robust economic growth and job creation in the Inland Empire.

Marcus & Millichap (NYSE: MMI) has successfully sold the Cerasa apartment building in Bellevue, Washington for $109 million, translating to $707,792 per unit. Completed in 2019, Cerasa features modern amenities and is strategically located near the tech sector and a forthcoming light rail station. IPA's Philip Assouad noted the property's high-quality construction and desirable location, while the deal marks a growing interest in Downtown Bellevue's real estate market. This sale continues IPA's momentum, being their second transaction with Virtu Investments in four months.

Marcus & Millichap (NYSE: MMI) announced the appointment of Mira Wolff as senior vice president and chief human resources officer. With over 25 years of HR management experience, she will lead HR strategies focusing on talent retention, employee engagement, and productivity. President & CEO Hessam Nadji emphasized that her expertise will support MMI's long-term growth and innovation initiatives. The firm, a leader in commercial real estate, closed 8,954 transactions worth approximately $43 billion in 2020, demonstrating its market expertise.

Marcus & Millichap, Inc. (NYSE: MMI), through its Institutional Property Advisors division, reported the sale of Arrowhead Ranch, a 256-unit multifamily property in Glendale, Arizona, for $101.5 million, translating to $396,484 per unit. The property is poised as a generational investment due to the area's low density and limited future development potential. The region's strong economic growth, particularly in finance and healthcare, has driven job growth, with average household incomes near the community at $115,600. The property offers extensive community amenities and easy access to major employers.

Marcus & Millichap (NYSE: MMI) announced the sale of Penrose Plaza, a 258,494-square-foot shopping center in Philadelphia, for $52 million. The property, which was redeveloped in 2017, features notable tenants like Planet Fitness and Shoprite Supermarket. Located in an urban area with limited retail competition, Penrose Plaza was 94% occupied at the time of sale and benefits from high daily traffic. The transaction was facilitated by IPA, a division of Marcus & Millichap, representing both seller Onyx Equities and buyer United Hampshire US REIT.

Marcus & Millichap (NYSE: MMI) announced the sale of the Martinique New York, a 531-room hotel in Manhattan, for $55.5 million. The hotel faced bankruptcy in 2020 due to the COVID-19 pandemic but is now part of a revitalization project. The total development cost is projected at $110 million. The sale included securing leases for retail spaces and a mortgage of $71 million. Despite complexities, the transaction exemplifies potential growth in New York's hospitality sector post-pandemic.

Marcus & Millichap (NYSE: MMI) announced the sale of Incline at Anthem, a 298-unit multifamily complex for residents aged 55 and over, located in Herriman, Utah. The property, the first of its kind in the area, was sold by Buchanan Street Partners to Ridan Inc. IPA's Daniel Shin highlighted the strong demand for affordable multifamily housing in the Salt Lake City region. The property features modern amenities and is strategically located near recreational areas and educational institutions.

Marcus & Millichap (NYSE: MMI) announced the successful sale of 10 multifamily assets totaling 2,290 units in San Antonio for $568.45 million over a 10-week period. Executive Director Will Balthrope highlighted strong Class A asset demand due to declining vacancy rates and rising single-family home prices. The region experienced its lowest construction levels since 2012, leading to increased rent growth. The sales, conducted between August 17 and November 2, 2021, included notable properties like The Mark Huebner Oaks and Celeste at La Cantera.

Marcus & Millichap (NYSE: MMI) has appointed Andrew Strockis as senior vice president and chief marketing officer. Strockis, previously with Charles Schwab, will lead corporate marketing functions and collaborate with leadership to enhance marketing tools and client experiences. President and CEO Hessam Nadji emphasized that the new CMO position aligns with the firm’s strategy to integrate traditional and digital marketing. Strockis brings extensive experience from Accenture and Schwab, targeting high-net-worth investors. The company aims to leverage this expertise for long-term growth.