MARCUS & MILLICHAP - MMI STOCK NEWS

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.

Marcus & Millichap (NYSE: MMI) reported the sale of The Dylan, a 208-unit apartment complex in Oceanside, California, for $74.1 million, or $356,250 per unit. With median home prices hitting around $650,000 and average rent at $1,850, renting is 42% cheaper than owning. The property, built in 1973, offers a range of amenities and has seen renovations on 50% of its units, suggesting potential for further value increase. IPA's team facilitated this transaction, highlighting the strong demand in Oceanside's real estate market.

Marcus & Millichap, Inc. (NYSE: MMI) announced it will release its financial results for Q2 2021 on August 6, 2021, before market open. A conference call will follow at 10:30 a.m. ET, hosted by CEO Hessam Nadji and CFO Steve DeGennaro. Investors can access the call via a live webcast on the company’s website, with an archived version available post-call. The firm specializes in commercial real estate investment sales, financing, and advisory services, reporting 8,954 transactions in 2020, totaling approximately $43.4 billion in sales volume.

Marcus & Millichap (NYSE: MMI) announced the sale of nine hospitality properties across eight states, totaling 1,550,000 square feet and valued at approximately $225 million. Lockwood Development Partners plans to repurpose these struggling properties into eco-friendly hotels, affordable housing, and ghost kitchens, benefiting veterans and seniors. The initiative aims to stimulate the economy and provide essential resources. Notable locations include properties in Austin, Houston, and Orlando, among others. This project is viewed as a significant move to revitalize the impacted hospitality sector amid the pandemic.

Marcus & Millichap (NYSE: MMI) announced the sale of Camp Hill Shopping Center in Pennsylvania for approximately $90 million. The center, spanning 430,198 square feet and 96% occupied, is anchored by a top-performing Giant Food Market. The prime location at the intersection of Route 15 and Route 11 benefits from substantial industrial growth in the area. The demand for grocery-anchored shopping centers is surging post-COVID, contributing to the robust market interest in such assets, as noted by IPA's senior managing director, Brad Nathanson.

Marcus & Millichap (NYSE: MMI) announced the sale of Domain Founders Parc, a 285-unit apartment property in Euless, Texas. Managed by IPA, the property saw strong leasing with an average of 24 leases per month since its opening in Q2 2020. Euless has experienced an 11% population growth since 2010, currently nearing 60,000 residents. Key employers nearby include American Airlines and General Motors. The development offers modern amenities and is a component of a larger mixed-use project, enhancing urban living without the drawbacks of city life.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Level at Sixteenth, a 240-unit apartment community in Phoenix, Arizona, for $69.1 million or $287,917 per unit. Transformed from a 1950s retail center in 2010, the property offers modern amenities and is situated near major economic hubs and institutions. The transaction was facilitated by IPA executives Steve Gebing and Cliff David, highlighting the ongoing demand for multifamily living in strategic locations.

Marcus & Millichap (NYSE: MMI) has promoted Richard Matricaria to COO of the Western Division and J.D. Parker to COO of the Eastern Division, enhancing leadership capabilities to support the company's growth strategy. Matricaria, with a history at the firm since 2000, effectively grew the Midwest division by 30%, while Parker, who joined in 2004, has been pivotal in expanding the firm into Canada. These promotions reflect a commitment to driving strategic initiatives, including financing division expansion and improving brokerage support systems.