Marcus & Millichap Inc Stock Price, News & Analysis

Marcus & Millichap, a leading brokerage firm, reported record financial results for Q3 and nine months ending September 30, 2021. Total revenues surged 109.6% to $332.4 million, with net income rising to $33.9 million, or $0.84 per share, compared to $6.0 million last year. Adjusted EBITDA increased to $51.0 million. For the nine months, revenues grew 71.7% to $801.3 million, and net income was $80.5 million. The company cites strong growth across all sectors and strategic acquisitions as key drivers, while acknowledging potential challenges from economic volatility and investor sentiment.

Marcus & Millichap, Inc. (NYSE: MMI) has appointed Collete English Dixon to its Board of Directors effective November 2, 2021. Dixon, who brings extensive experience in the commercial real estate sector, will also serve on the Nominating & Corporate Governance Committee. Previously, she held key positions at PGIM Real Estate and is currently the Executive Director of the Marshall Bennett Institute of Real Estate at Roosevelt University. Chairman George Marcus highlighted her extensive experience as beneficial to the company's growth and client services.

Marcus & Millichap, Inc. (NYSE: MMI) will report its third quarter financial results on November 5, 2021. A conference call with CEO Hessam Nadji and CFO Steve DeGennaro will follow the announcement at 10:30 AM ET. Investors can access the live webcast on the company's Investor Relations site or dial in by phone. The telephonic replay will be available starting that same day at 1:30 PM ET until November 19, 2021. The company continues to be a leading player in commercial real estate, having closed 8,954 transactions worth approximately $43.4 billion in 2020.

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has successfully sold The Vistas of Port Jefferson, a 244-unit multifamily property for $118 million or $483,607 per unit. Located in Port Jefferson Station, New York, this newly constructed asset features a mix of one and two-bedroom units along with townhouses. The sale was facilitated by Long Island specialist Michael Tuccillo, marking a significant transaction in a growing suburban market.

Marcus & Millichap (NYSE: MMI) announced a strategic alliance between its financing subsidiary, MMCC, and M&T Realty Capital. This partnership aims to enhance access to affordable multifamily agency financing for clients without additional costs. Key features include a preferred stock investment in M&T Realty Capital and shared credit risk for loans. The alliance positions MMCC as M&T Realty Capital’s largest origination partner by volume, with MMCC closing $2.73 billion in multifamily financing in H1 2021.

Marcus & Millichap (NYSE: MMI) has successfully sold Accolade, a 548-unit multifamily property in Phoenix, Arizona, for $155 million, equating to $282,847 per unit. This sale ranks among the top five largest multifamily transactions in Arizona's history. The property, strategically located with limited competition and easy access to major freeways, is poised for renovations. The sale was facilitated by IPA executive managing directors Steve Gebing and Cliff David, representing the seller Weidner Apartment Homes and the buyer Knightvest Capital.

Marcus & Millichap (NYSE: MMI), a top commercial real estate brokerage, announced that CEO Hessam Nadji will join a panel at KBW’s Virtual CRE Day on September 29, 2021, at 1:30 PM ET. The event will focus on commercial real estate trends and insights. Interested parties can access the live webcast and replay on the Marcus & Millichap Investor Website. As of December 31, 2020, the firm had over 2,000 professionals and completed nearly 9,000 transactions, achieving a sales volume of approximately $43.4 billion in 2020.

Marcus & Millichap (NYSE: MMI) announced the sale of Skandia Mobile Country Club, a 167-unit mobile home complex in Huntington Beach, California, for $58 million, equating to $347,305 per space. This five-star community is situated near the beach and offers amenities such as a pool and clubhouse. The sale was facilitated by Jeff Benson and Samuel Neumark, highlighting a highly competitive bidding environment that provided the seller with multiple buyer options. The strategic location and property quality suggest significant future potential for the new owner.

Marcus & Millichap (NYSE: MMI) announced the sale of two multifamily properties in Hermosa Beach, California, for a total of $275 million. The Playa Pacifica sold for $162.5 million, while The Gallery fetched $112.5 million. This transaction represents 24% of the apartment stock in the area, providing the buyer, Prime Residential, with significant market share and a potential value-add opportunity. The properties are located in a high-demand rental market where average household incomes exceed $190,000, further ensuring a robust demand for rentals.