MARCUS & MILLICHAP - MMI STOCK NEWS

IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), has hired Harry Krieger as managing director in Dallas. Krieger, formerly with CBRE, will focus on placing debt for institutional clients and collaborate with the firm's Texas-based IPA multifamily investment sales team. This strategic hire aims to expand IPA Capital Markets' presence in Texas, where they've already financed over $850 million across 20 transactions in the past year. Since acquiring Eisendrath Finance Group Inc. in January 2022, IPA Capital Markets has financed over 150 transactions valued at more than $5 billion. The move is expected to enhance MMI's ability to serve institutional and high net worth clients in the region.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has brokered the sale of The Landing at Arroyo, a 212-unit multifamily property in Simi Valley, California, for $95 million. The sale price equates to $448,113 per unit. The property, built in 2022 on 10 acres, features modern amenities and is strategically located between major highways, providing access to employment centers in Warner Center, Thousand Oaks, and Camarillo.

IPA executives highlighted the property's potential for growth in an underserved market with new developments. Simi Valley's strong demographics, including an average annual household income of $139,000, coupled with high single-family home prices, make The Landing at Arroyo an attractive option for residents. The transaction showcases MMI's expertise in brokering significant multifamily deals in prime locations.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the $87.25 million sale of Paragon at Old Town, a mixed-use asset in Monrovia, California. The property consists of 163 multifamily units and 6,077 square feet of ground floor retail, selling for $535,276 per unit. Located in a submarket with 3.09% vacancy over the past 12 months, the asset offers new ownership opportunities for interior renovations and higher returns.

The sale is notable as one of only two Los Angeles County multifamily assets of 150+ units to trade for over $500,000 per unit in the last year. The property's prime location, within walking distance of shopping and dining areas in Old Town Monrovia, contributed to its high value. Paragon at Old Town features resort-style amenities and is situated near major employers and transportation links.

Marcus & Millichap (NYSE: MMI) reported its Q2 2024 results. Total revenue was $158.4 million, down 2.8% from Q2 2023. Brokerage commissions declined by 3.5% to $135.4 million. However, Middle Market and Larger Transaction Market revenue rose by 14.8% to $45.3 million. Financing fees increased by 2.2% to $18.3 million.

Net loss improved to $5.5 million ($0.14 per share), compared to a loss of $8.7 million ($0.23 per share) in Q2 2023. Adjusted EBITDA was $1.4 million, up from $(1.1) million. Operating expenses fell by 4.1% to $166.4 million.

For the first half of 2024, revenue declined by 9.5% to $287.5 million, and net loss was $15.5 million ($0.40 per share). The company declared a semi-annual dividend of $0.25 per share, totaling $10.2 million, payable on October 4, 2024. Shares repurchased amounted to 16,900 at $32.77 per share.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has brokered the sale of Marlowe Grapevine, a 324-unit multifamily asset in Grapevine, Texas. The property, completed in 2023, was sold by Greystar and Carlyle to Equity Residential. Located near major employers and amenities, Marlowe Grapevine is a three-story, garden-style asset with various community amenities and spacious apartments.

The sale highlights the strong demand for multifamily properties in the Dallas-Fort Worth area, particularly in submarkets with supply and development restrictions. IPA's team, led by Drew Kile, emphasized the property's exceptional leasing velocity and strategic location as key selling points.

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has announced a regular semi-annual dividend of $0.25 per share, totaling approximately $10.2 million. The dividend will be payable on October 4, 2024 to shareholders of record as of September 16, 2024. As of December 31, 2023, the company had 1,783 investment sales and financing professionals across more than 80 offices. In 2023, Marcus & Millichap closed 7,546 transactions with a sales volume of $43.6 billion. The company specializes in investment sales, financing, research, and advisory services for commercial real estate.

IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), has arranged $85 million in financing for a Class-A industrial space in Queens, New York. The two-story, 164,295-square-foot industrial condominium is part of the newly built Terminal Logistics Center. The Manhattan-based IPA Capital Markets team secured the financing with LoanCore Capital for Triangle Equities and Goldman Sachs Urban Investment Group.

The refinanced property, fully leased to a global airline catering services firm, includes an additional 102,275 square feet of truck courts. Despite challenges in the current lending environment, the IPA team negotiated favorable financing terms, highlighting the appeal of the premier industrial property in its exceptional location.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Solis, a 216-unit multifamily property in Clarksville, Tennessee. Built in 2020, Solis is located in one of the fastest-growing cities in the nation, with Clarksville experiencing a 15.5% population growth over the past five years. The property, situated 40 miles from Nashville, was sold by Gwaltney Communities to a private California-based partnership.

Solis is a three-story, garden-style asset featuring amenities such as a saltwater swimming pool, 24-hour fitness center, and theater room. The average unit size is 1,089 square feet. Clarksville's major employers include LG Electronics, Trane, and Hankook Tire, contributing to the area's economic growth.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Glen 91, a 296-unit luxury multifamily asset in Glendale, Arizona, for $76.5 million ($258,446 per unit). The property, completed in 2023, was sold by HCW to Bridge Investment Group. Located near the Westgate Entertainment District, Glen 91 offers easy access to major employers and shopping centers. The sale highlights the strong growth and demand in Glendale's rental market, with the city having the second-highest concentration of renter households in the West Valley.