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's Institutional Property Advisors (IPA) has brokered the sale of La Vista Apartments in Santa Maria, California for $116 million ($252,174 per unit), marking the largest multifamily asset sale in Santa Barbara County's history. The 460-unit property was sold by Kennedy Wilson to Westview Capital.
Santa Maria is experiencing significant growth, with projected 27% population growth between 2024-2050 and expected 4% annual rent growth over the next five years, with occupancy maintaining above 96.5%. The 1979-built property, situated on 31 acres, offers amenities including two swimming pools, spas, and a clubhouse. The location provides easy access to key facilities including Vandenberg Space Force Base and various retail centers.
Marcus & Millichap (NYSE:MMI) has announced the sale of The Chelsea Collection, a 13-property multifamily portfolio in New York City's Chelsea neighborhood, for $94.5 million. The portfolio comprises 147 units across 98,000 square feet, trading at just under $1,000 per square foot. The NYM Group at Marcus & Millichap team, led by Joe Koicim, represented BlackSpruce Management in the sale to The Westover Companies.
This transaction marks one of the most significant multifamily sales in Chelsea this year and is the fourth portfolio transaction with assumable financing closed by the team in the last 12 months. The properties are strategically located between West 19th Street and West 29th Street. In 2023, Marcus & Millichap closed 7,546 transactions with a total sales volume of approximately $43.6 billion.
Marcus & Millichap (NYSE:MMI) has announced the successful sale of a 31-property net lease portfolio for $88.5 million. The portfolio consists of properties anchored by Town Fair Tire across seven northeastern states. The properties were sold from the estate of Town Fair Tire's founder, Neil Mellen, to Orion Buying Corp.
The portfolio features identical absolute net leases with 16-year remaining terms, five-year rent increases, and parent guarantees. The properties are located in prime locations with high sales volumes across Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island, and Vermont.
Marcus & Millichap's Institutional Property Advisors (IPA) has successfully brokered the sale and financing of Summerwood Apartments in Santa Clara, California. The 468-unit multifamily property sold for $203.15 million to Interstate Equities (IEC), with IPA arranging $127.819 million in agency financing.
The five-year loan features a 5.39% fixed interest rate, 35-year amortization, and 65% loan-to-value ratio. The property, located near Downtown Santa Clara, includes one- and two-bedroom garden-style apartments with amenities such as a pool, clubhouse, fitness center, and dog park. This marks IEC's first major Silicon Valley investment since 2019.
Graystone Capital Advisors has appointed Richard Bird as Executive Vice President to lead investment sales in the Mountain region. Bird brings over 20 years of experience and has overseen more than $10 billion in transactions throughout his career. He will focus on investment properties, including self-storage and infill development land sales.
Previously, Bird worked at Marcus & Millichap (NYSE: MMI) where he served as District and Regional Manager, overseeing operations in multiple states. He later cofounded TYG Commercial Real Estate, where his team completed over $1 billion in investment deals across seven years. Bird holds an MBA from Yale University and a business management degree from Brigham Young University.
Marcus & Millichap's IPA division has announced the $102.6 million sale of three multifamily properties in Tacoma, Washington, totaling 557 units. The properties - Monterra (280 units), Miramonte (120 units), and Heatherstone Apartments (157 units) - were sold by Goodman Real Estate to American Capital Group. Located in Tacoma's Parkland neighborhood, the properties offer easy access to major employment hubs, educational institutions, and retail centers. Built between 1990-1993, all properties feature amenities including swimming pools, clubhouses, and various unit upgrades.
Marcus & Millichap (NYSE:MMI) has announced the hiring of Ian Grusd to expand its national Auction Services team, focusing on Northeast-based clients. Grusd, formerly with Ten-X, brings over 25 years of industry experience and has managed commercial real estate transactions valued at more than $2 billion. He has extensive experience in brokerage, advisory services, asset management, and receivership. The company closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion, operating through 1,783 investment sales and financing professionals across more than 80 offices in the United States and Canada.
Marcus & Millichap (NYSE: MMI) reported Q3 2024 results with total revenue of $168.5 million, up 4.0% from Q3 2023. Brokerage commissions increased 1.5% to $142.0 million, while financing fees rose 19.3% to $20.6 million. The company reported a net loss of $5.4 million ($0.14 per share), improving from a $9.2 million loss in Q3 2023. Private Client Market revenue decreased 4.3%, while Middle Market and Larger Transaction Market revenue increased 15.1%. The company maintained 1,678 investment sales and financing professionals and declared a semi-annual dividend of $0.25 per share.
IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), has secured a $63 million refinancing loan for Muir Lake Apartments in Cedar Park, Texas. The 332-unit garden-style property, built in 2014, spans 46 acres near McCann Park and Lakeline Park. The New York-based IPA Capital Markets team arranged the financing with LoanCore Capital. Marcus & Millichap closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion, and maintains 1,783 investment sales and financing professionals across over 80 offices.
Marcus & Millichap's IPA Capital Markets division has secured $110 million in joint venture equity and agency financing for the acquisition of Canfield Park at Fairfield Metro in Bridgeport, Connecticut. The newly built properties, completed in 2023, comprise 300 units located near Bridgeport's Black Rock neighborhood transit station. The deal represents a partnership between an institutional investment management firm and a NYC-based multifamily owner/operator focused on value-add apartment assets in the Northeast. The company's strong market position is evidenced by its closure of 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.