MMI Marcus & Millichap Inc.

Marcus & Millichap Closes $71 Million Affordable Housing Asset Sale in Silicon Valley

SAN JOSE, Calif.--(BUSINESS WIRE)--

, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Moreland Apartments, a 160-unit affordable housing asset in San Jose, California. The property sold for $71 million, or $443,750 per unit.

“On the market for the first time since it was developed in 1982, the property has a Project-Based Section 8 Housing Assistance Payments contract for all units that runs through the end of July 2029,” said Mitchell Zurich, senior managing director investments in Marcus & Millichap’s Palo Alto office. Zurich, and Marcus & Millichap’s Kirk Trammell, David Cutler, and Joshua Johnson represented the seller, the original developer of the property, and procured the buyer.

Moreland Apartments is a short drive from Downtown San Jose. The Plaza shopping center and Maple Leaf Plaza are nearby. The property is a garden-style community composed of eight two-story residential buildings and one single-story office/amenities building on an eight-acre parcel. The apartments have one- and two-bedrooms and are 620 and 850 square feet in size, respectively, and the three-bedroom townhouse units are 1,150 square feet. Amenities include a community room, three laundry rooms, a children’s playground, and carports.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit .

EN
17/07/2024

Underlying

MMIMarcus & Millichap Inc.

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Marcus & Millichap Inc.

 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap’s Institutional Property Advisors Brokers Three Mul...

TACOMA, Wash.--(BUSINESS WIRE)-- , a division of , announced today the sale of three multifamily assets totaling 557 units in Tacoma, Washington for $102.6 million. The properties are Monterra, Miramonte, and Heatherstone Apartments. “Located in a multifamily market with one of the largest housing imbalances in the nation, these acquisitions provide the buyers with opportunity to capitalize on embedded rental and operational upside,” said Giovanni Napoli, IPA executive director. Napoli and IPA’s Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, Goodman...

November 21, 2024 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap Expands Commercial Property Auction Services with I...

NEW YORK--(BUSINESS WIRE)-- , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the hiring of Ian Grusd. In his new role, Grusd will focus on expanding Marcus & Millichap’s national Auction Services team with Northeast-based clients selling properties throughout the country. This press release features multimedia. View the full release here: Ian Grusd (Photo: Business Wire) “Ian is an extremely well-respected industry leader known for his expertise and passion for commercial real estate,” said Jim Palme...

November 20, 2024 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap’s IPA Capital Markets Arranges $110 Million in Agen...

BRIDGEPORT, Conn.--(BUSINESS WIRE)-- IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), specializing in capital markets services for major private and institutional clients has secured $110 million in joint venture equity and agency financing for the acquisition of Canfield Park at Fairfield Metro, two adjacent multifamily properties located in Bridgeport, Connecticut. Built in 2023, the properties feature a combined 300 units and are located near the local transit station in Bridgeport’s Black Rock neighborhood. The New York-based IPA Capital Markets team of Marko Kazanjian, M...

October 25, 2024 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap Closes $101 Million 11-Property Hospitality Portfol...

CHICAGO--(BUSINESS WIRE)-- , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an 11-property Courtyard Hotel portfolio in Illinois, Ohio, Alabama, Arkansas, Virginia, Kentucky, and Oklahoma. The portfolio sold for $101 million. “During this period of market uncertainty, we successfully connected multiple buyers with their respective lenders to fulfill the portfolio closing requirements for the seller, with minimal contingencies and securing non-refundable earnest money,” said Ebrahim Vallia...

October 21, 2024 1 EN
 PRESS RELEASE
Free
MMI Marcus & Millic...

Marcus & Millichap, Inc. to Report Third Quarter 2024 Financial Result...

CALABASAS, Calif.--(BUSINESS WIRE)-- Marcus & Millichap, Inc. (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing and research and advisory services, announced today it will report its financial results for the third quarter ended September 30, 2024 on Friday, November 8, 2024, before the market open. The Company will host a webcast and a conference call the same day to discuss the results at 10:30 a.m. Eastern Time. The call will be hosted by Hessam Nadji, President and Chief Executive Officer and Steve DeGennaro, Chief Financial ...

October 17, 2024 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch