MARCUS & MILLICHAP - MMI STOCK NEWS

Marcus & Millichap (NYSE: MMI) announced the sale of Mag & May, a 240-unit apartment property in Fort Worth's Magnolia Urban Village. The property is well-aligned with local demographics, featuring amenities that attract renters. Located near Tarrant County's second-largest employment center, it benefits from high walkability and proximity to medical jobs. The site includes modern amenities like an infinity-edge pool and social lounge. This sale highlights IPA's commitment to providing investment opportunities in Texas, emphasizing the property's growth potential.

Marcus & Millichap (NYSE: MMI) announced the sale of District at Grand Terrace, a 352-unit multifamily property in Colton, California, for $88 million, equating to $250,000 per unit. Key report figures indicate a low year-over-year vacancy rate of 1.8% in the Inland Empire, supported by a robust job market and limited new apartment construction. The property benefits from proximity to major medical centers and fulfillment centers. The local population has also shown growth, with an increase from 52,500 to 55,000, and average household income risen from $54,903 to $62,974.

Marcus & Millichap (NYSE: MMI) announced the successful sale of Montreux, a 335-unit luxury apartment complex in Phoenix, Arizona, for $117 million, equating to $349,254 per unit. The transaction reflects the robust economic fundamentals and demographic strength in the area, with average household incomes of $138,500. Completed in 2020, Montreux features upscale amenities and is strategically located near major employers and freeways, which enhances its investment appeal.

Marcus & Millichap (MMI) reported strong fourth quarter 2020 results, with total revenues rising to $250.2 million, up 57.8% sequentially and 5.2% year-over-year. Net income reached $23.6 million, or $0.59 per share, surpassing both the prior quarter and the year-ago period. The company experienced a notable increase in financing fees, up 72.0% sequentially and 42.8% year-over-year, totaling $26.9 million. However, full-year revenues fell to $716.9 million, a decline of 11.1% from 2019. The company remains optimistic about long-term growth despite COVID-19 impacts.

Marcus & Millichap, Inc. (NYSE: MMI) will announce its fourth-quarter financial results on February 18, 2021, after the market closes. A conference call and webcast will follow at 5:00 p.m. Eastern Time, featuring CEO Hessam Nadji and CFO Steve DeGennaro. Investors can access the webcast through the company’s Investor Relations webpage, and a replay will be available from 8:00 p.m. on the same day until March 4, 2021. The firm reported 9,726 transactions in 2019 with a sales volume of $50 billion, showcasing its position in commercial real estate investment sales.

Marcus & Millichap (NYSE: MMI) announced the successful sale of Park at Estancia, a 320-unit multifamily property in Austin's Far South neighborhood. The sale was marked by strong demand, with 18 offers received after just four weeks of marketing. The property, developed by GenCap Partners, is noted for its high-end amenities and prime location near major Austin attractions, including the new Tesla Cybertruck factory. The local market has demonstrated robust fundamentals, including significant rent growth and low vacancy rates, indicating a positive long-term outlook for Austin's real estate sector.

Bell Partners has acquired Modera Jackson, a 160-unit apartment community in Seattle, Washington, marking its third property in the Seattle metro area. The acquisition was made on behalf of the firm's Fund VII investors and enhances Bell's presence in the West Coast market amid Seattle's strong economic fundamentals. The property will be renamed Bell Jackson Street and features modern amenities, including keyless entries and a rooftop clubhouse. With over 328,000 jobs in the area, Seattle offers long-term growth prospects despite current economic challenges.

Marcus & Millichap (NYSE: MMI) reports the successful sale of Sunset Summit, a 261-unit multifamily property in Portland, Oregon, for $80.75 million, or $309,387 per unit. This transaction marks the first change of ownership in over 25 years. The property, built in 1989 and renovated in 2014, offers scenic views and is located a short drive from Downtown Portland. Anthony Palladino and a team from Institutional Property Advisors facilitated the sale, representing the seller, BPM Real Estate Group, while Prime Residential acquired the property.

Marcus & Millichap has appointed Evan Denner as executive vice president and head of business for its financing subsidiary, Marcus & Millichap Capital Corporation (MMCC). Denner brings nearly 30 years of experience, including 23 years in capital markets. His leadership is expected to drive MMCC's growth, as highlighted by Marcus & Millichap's president and CEO, Hessam Nadji. Additionally, Paul Lewis has been appointed senior vice president for agency programs, aiming to enhance the firm's multifamily lending capabilities.