Marcus & Millichap Inc.
09/25/2024 | Press release | Distributed by Public on 09/26/2024 12:57
Marcus & Millichap Arranges The Sale Of A 12-Unit Apartment Building in Washington
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Marcus & Millichap Arranges The Sale Of A 12-Unit Apartment Building in Washington
September 25, 2024
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ELMA, WA, September 25, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sterling Square Apartments, a 12-unit apartment property located in Elma, Washington. The asset sold for $1,800,000.
Aimon Heffernan, Ryan Dinius and Sidney Warsinske, investment specialists in Marcus & Millichap's Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The owner was looking to sell to cash out and retire from being a real estate investor. The property was on the market for under two weeks before receiving a full-priced offer. The buyers plan to cash flow the property slowly increasing rents and buying more to control more market share. Marcus & Millichap was able to create a competitive environment that gave the seller leverage in the transaction to achieve a competitive price. The property has the highest price per unit and price per foot for a multifamily property in Grays Harbor County.
Sterling Square Apartments is located at 1201 W Main St in Elma, Washington. Twelve two-bedroom units and one one-bathroom unit. Renovated with luxury vinyl plank flooring, modern appliances and white shaker cabinets. The property is five minutes from the largest medical center in the county and nearly half the tenants were doing residency at the medical center. Leases were 12 months. The property was built in 1978 but renovated by the seller in 2022 and 2023.
Aimon Heffernan, Ryan Dinius and Sidney Warsinske, investment specialists in Marcus & Millichap's Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The owner was looking to sell to cash out and retire from being a real estate investor. The property was on the market for under two weeks before receiving a full-priced offer. The buyers plan to cash flow the property slowly increasing rents and buying more to control more market share. Marcus & Millichap was able to create a competitive environment that gave the seller leverage in the transaction to achieve a competitive price. The property has the highest price per unit and price per foot for a multifamily property in Grays Harbor County.
Sterling Square Apartments is located at 1201 W Main St in Elma, Washington. Twelve two-bedroom units and one one-bathroom unit. Renovated with luxury vinyl plank flooring, modern appliances and white shaker cabinets. The property is five minutes from the largest medical center in the county and nearly half the tenants were doing residency at the medical center. Leases were 12 months. The property was built in 1978 but renovated by the seller in 2022 and 2023.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.