Marcus & Millichap Inc Stock Price, News & Analysis

Marcus & Millichap (NYSE: MMI) announced the successful sale of Park at Estancia, a 320-unit multifamily property in Austin's Far South neighborhood. The sale was marked by strong demand, with 18 offers received after just four weeks of marketing. The property, developed by GenCap Partners, is noted for its high-end amenities and prime location near major Austin attractions, including the new Tesla Cybertruck factory. The local market has demonstrated robust fundamentals, including significant rent growth and low vacancy rates, indicating a positive long-term outlook for Austin's real estate sector.

Bell Partners has acquired Modera Jackson, a 160-unit apartment community in Seattle, Washington, marking its third property in the Seattle metro area. The acquisition was made on behalf of the firm's Fund VII investors and enhances Bell's presence in the West Coast market amid Seattle's strong economic fundamentals. The property will be renamed Bell Jackson Street and features modern amenities, including keyless entries and a rooftop clubhouse. With over 328,000 jobs in the area, Seattle offers long-term growth prospects despite current economic challenges.

Marcus & Millichap (NYSE: MMI) reports the successful sale of Sunset Summit, a 261-unit multifamily property in Portland, Oregon, for $80.75 million, or $309,387 per unit. This transaction marks the first change of ownership in over 25 years. The property, built in 1989 and renovated in 2014, offers scenic views and is located a short drive from Downtown Portland. Anthony Palladino and a team from Institutional Property Advisors facilitated the sale, representing the seller, BPM Real Estate Group, while Prime Residential acquired the property.

Marcus & Millichap has appointed Evan Denner as executive vice president and head of business for its financing subsidiary, Marcus & Millichap Capital Corporation (MMCC). Denner brings nearly 30 years of experience, including 23 years in capital markets. His leadership is expected to drive MMCC's growth, as highlighted by Marcus & Millichap's president and CEO, Hessam Nadji. Additionally, Paul Lewis has been appointed senior vice president for agency programs, aiming to enhance the firm's multifamily lending capabilities.

Marcus & Millichap (NYSE: MMI) has successfully sold two multifamily portfolios in Essex County, New Jersey, for a total of $92.5 million. The sale includes 24 properties comprising 702 units, making it one of the largest multifamily transactions in New Jersey in 2020. Represented by Richard Gatto and Fahri Ozturk, the seller was a partnership of ERCT Capital Group, MAVeCap, and Metropolitan America. The buyer, Spaxel LLC, was represented by Eric Anton and Chris Warner. The deal showcases strong market interest, with 12 qualified offers received.

Marcus & Millichap (MMI) announced the acquisition of Houston-based LMI Capital, a firm specializing in commercial real estate financing. Founded in 1999, LMI has arranged over $1.2 billion in transactions in the past three years and focuses on securing capital for various property types. This acquisition enhances Marcus & Millichap Capital Corporation's (MMCC) workforce, adding 10 experienced professionals from LMI, thus expanding its capabilities in capital markets solutions. MMI's CEO highlighted the cultural fit and strong client relationships as key factors for this strategic growth.

Marcus & Millichap (NYSE: MMI) has completed the sale of a two-property multifamily portfolio in Tucson, Arizona, comprising Equestrian and Ridgeline. Equestrian, a 288-unit complex, sold for $47.7 million (~$165,625/unit), while Ridgeline, a 272-unit property, fetched $42.5 million (~$156,250/unit). Both properties were noted for their potential revenue enhancement through renovation programs. With ongoing job growth in sectors like aerospace and defense, Tucson’s economic landscape appears favorable for real estate investments.

Marcus & Millichap (NYSE: MMI) has successfully sold the Riata apartment complex in Chandler, Arizona, for $91 million, equating to $303,333 per unit. The transaction involved a private family trust in a 1031 exchange, following the sale of another property. Completed in 2020, Riata features 300 units with high-end amenities and is strategically located near major employers and retail centers. The rapid lease-up amid the pandemic highlights its desirability.

Marcus & Millichap (NYSE: MMI) announced the sale of Eagle Crest, a 408-unit multifamily property in Glendale, Arizona, for $55 million, averaging $134,804 per unit. The sale reflects ongoing demand in the Greater Phoenix area, which saw over 77,000 new residents in 2019, leading the nation in net in-migration. The property benefits from its location near key amenities and a strong local economy, bolstered by expanding companies in the region. The affluent Arrowhead community surrounding Eagle Crest further enhances its market value, ensuring protection against future multifamily developments.