Welcome to our dedicated page for MARCUS & MILLICHAP news (Ticker: MMI), a resource for investors and traders seeking the latest updates and insights on MARCUS & MILLICHAP stock.
Marcus & Millichap reports developments tied to its commercial real estate services business, including investment sales, financing, research and advisory work for sellers and buyers of income-producing property. Company updates commonly cover brokerage commissions, financing fees, Private Client activity, Middle Market and Larger Transaction Market activity, and transaction volume across changing lending and pricing conditions.
News also includes property-level sale and financing announcements from Institutional Property Advisors and IPA Capital Markets, with recurring coverage of multifamily, student housing, retail, industrial and other commercial assets in U.S. and Canadian markets.
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.
Marcus & Millichap (NYSE: MMI) announced the record sale of Capella at Rancho del Oro, a 284-unit multifamily asset in Oceanside, California, for $110 million or $387,324 per unit. This transaction represents the highest recorded price for an apartment in Oceanside. The property, built in 2001, was sold by FPA Multifamily to Property West Residential, highlighting the competitive nature of the market due to limited inventory. This sale marks the firm's second large multifamily transaction in Oceanside this quarter.
Marcus & Millichap reported impressive financial results for Q2 2021, with total revenues soaring 142.7% to $284.9 million and net income rising to $31.5 million, or $0.78 per share. Adjusted EBITDA also jumped to $48.1 million. For the first half of 2021, revenues reached $468.9 million (+52.2%), with net income at $46.5 million. The company credits strategic acquisitions and market recovery for these record results. Looking ahead, MMI is optimistic about sustained growth despite potential challenges from COVID-19 variants and market volatility.
Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), announced the sale of The Preserve at Great Pond, a 230-unit luxury apartment complex in Windsor, Connecticut, for $63 million. Developed by Eastpointe LLC alongside Blue Vista Capital Management, the property features high-end amenities and has been recognized for its curb appeal. Located near key employment centers and major universities, it offers various unit types and community facilities such as a heated pool and a fitness center.