MARCUS & MILLICHAP - MMI STOCK NEWS

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.

Marcus & Millichap (NYSE:MMI) has announced the successful sale of an 11-property Courtyard Hotel portfolio across seven states for $101 million. The portfolio includes properties in Illinois, Ohio, Alabama, Arkansas, Virginia, Kentucky, and Oklahoma. Ebrahim Valliani, first vice president investments, led the transaction, representing the seller Skyline Investments Inc. and procuring the buyers.

The sale was completed despite market uncertainty, with Marcus & Millichap connecting multiple buyers with their respective lenders to fulfill closing requirements. The firm's ability to secure non-refundable earnest money and minimal contingencies provided confidence to the sellers for a reliable transaction.

Marcus & Millichap, a leading commercial real estate brokerage firm, closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion. As of December 31, 2023, the company had 1,783 investment sales and financing professionals across over 80 offices in the United States and Canada.

Marcus & Millichap, Inc. (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing, and advisory services, has announced it will report its third quarter 2024 financial results on Friday, November 8, 2024, before the market opens. The company will host a webcast and conference call at 10:30 a.m. Eastern Time on the same day to discuss the results.

The call will be hosted by Hessam Nadji, President and CEO, and Steve DeGennaro, CFO. A live webcast will be available through the Investor Relations section of the company's website. For those unable to access the webcast, dial-in options are provided for callers from the United States, Canada, and international locations.

Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices across the United States and Canada.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of The Lofts at Noho Commons, a 292-unit multifamily property in Los Angeles' NoHo Arts District. The property was sold for $92.5 million, or $316,781 per unit. IPA's Joseph Grabiec, Kevin Green, and Gregory Harris represented the seller and procured the buyer, The GPI Companies.

The Lofts at NoHo Commons, constructed in 2006, features 237 lofts, 41 one-bedroom units, and 14 live/work lofts. The property has undergone $9 million in recent upgrades, including interior updates to 85% of market-rate units, new murals, signage, landscaping improvements, and EV charging stations. Amenities include an Olympic-size swimming pool, social lounge, movie theater, fitness center, and co-working spaces.