MARCUS & MILLICHAP - MMI STOCK NEWS

Marcus & Millichap (NYSE: MMI) has announced the sale of Moreland Apartments, a 160-unit affordable housing asset in San Jose, California, for $71 million ($443,750 per unit). The property, developed in 1982, features a Project-Based Section 8 Housing Assistance Payments contract for all units, valid through July 2029. Located near Downtown San Jose, the garden-style community comprises eight two-story residential buildings and one single-story office/amenities building on an eight-acre parcel.

The transaction was facilitated by Marcus & Millichap's team, including Mitchell Zurich, Kirk Trammell, David Cutler, and Joshua Johnson. The firm, specializing in commercial real estate investment sales, financing, research, and advisory services, closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion.

Marcus & Millichap (NYSE: MMI), a leading national commercial real estate brokerage firm, has announced it will release its second quarter 2024 financial results on Wednesday, August 7, 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 led by Hessam Nadji, President and CEO, and Steve DeGennaro, CFO. Investors can access the live webcast through the company's Investor Relations website. For those unable to join the webcast, a dial-in option is available. A replay of the call will be accessible until August 21, 2024.

As of December 31, 2023, Marcus & Millichap had 1,783 investment sales and financing professionals across more than 80 offices. In 2023, the company closed 7,546 transactions with a total sales volume of $43.6 billion.

Marcus & Millichap (NYSE:MMI) announced the sale of the TownePlace Suites and Fairfield Inn & Suites Dallas Downtown, a dual-branded 274-room hotel in Dallas, Texas. This hotel, located in the historic Butler Brothers Building, saw over 20% growth in revenue per available room (RevPAR) from 2022 to 2023. The transaction marks the first hotel sale in the Dallas Central Business District (CBD) since January 2022. The buyer is a joint venture between Lowen Hospitality and Vashee & Associates, while the seller, Butler Brothers Hospitality Group , retains ownership of the building's 237 apartments and 20,000 square feet of commercial space. The hotel benefits from its proximity to key attractions and business hubs, including the Kay Bailey Hutchinson Convention Center and Dallas Love Field Airport.

Marcus & Millichap (NYSE: MMI), a leader in commercial real estate brokerage, announced the addition of Robert “Bobby” Bloch as a senior vice president in its Washington, D.C. office. Bloch, with 30 years of experience in investment sales and business development, will focus on self-storage investment property transactions. Previously with Cushman & Wakefield, Bloch has overseen over $800 million in self-storage sales since 2013. This strategic hire aims to enhance Marcus & Millichap's presence in the Mid-Atlantic region, leveraging Bloch's extensive industry knowledge and network. The company highlights the growing demand for self-storage in Washington, D.C., driven by increasing net in-migration and low inventory growth.

Marcus & Millichap (NYSE:MMI), a premier commercial real estate brokerage firm, has appointed Jan Coonley as Chief People Officer. Coonley, with extensive experience in the financial services industry, will oversee all aspects of human resources, including systems, employee engagement, performance enhancement, talent retention, skills and leadership development, and diversity, equity, and inclusion. She previously served as Chief People and Culture Officer at Heritage Bank of Commerce and held leadership roles at J.P. Morgan Chase and U.S. Bank. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.

IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), has arranged a $72.24 million refinancing for La Vista City Centre, a mixed-use development in La Vista, Nebraska. The seven-year loan secured by Frank Montalto, managing director, features full-term interest-only at cost of funds plus 1.75% and a loan-to-value of 70%. The development includes 392 luxury apartments, 32,878 square feet of retail space, and 64,883 square feet of office space. The refinancing deal was closed in under 50 days, meeting impending deadlines.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of AVA North Hollywood, a 156-unit multifamily property with 11,000 sq ft of retail space, for $62.1 million. The sale price represents $393,077 per unit. The property is located in the NoHo Arts District of LA, an area experiencing high demand and strong rent growth. Representing the seller, AvalonBay Communities, IPA managed to secure over 20 offers, reflecting investor confidence in the market's recovery and future potential. Built in 2015, AVA North Hollywood offers amenities like a swimming pool, spa, clubroom, and business center. Nearby are major entertainment employers and extensive transportation links.

Marcus & Millichap's Institutional Property Advisors (IPA) announced the sale of Silverado Apartment Homes in Murrieta, CA, for $146.5 million, averaging $297,764 per unit. The sale was managed by IPA's Kevin Green, Joseph Grabiec, and Gregory Harris. The property offers a unique opportunity with strong market fundamentals and assumable financing below current rates. Average household income in the area is $138,000, with projected rent growth of 10.3% over the next year and 6.1% annually over the next five years.

Marcus & Millichap (NYSE: MMI), a leading commercial real estate (CRE) brokerage firm, continues to expand its senior-level broker and financing professional hiring across North America. The company has bolstered its Institutional Property Advisors (IPA) and various divisions with top industry talent. Their recent hires include experienced multifamily and retail brokers in Washington, D.C., Philadelphia, Dallas Fort Worth, San Diego, Nashville, and Atlanta. The IPA Capital Markets division has grown with new teams in New York, Palo Alto, and Toronto. This strategic expansion aims to enhance the company’s platform and position it as a leader in market recovery. Marcus & Millichap closed 7,546 transactions in 2023, totaling approximately $43.6 billion in sales volume.