Results
Marcus & Millichap Inc.
Marcus & Millichap Inc.
28/08/2024 | Press release | Distributed by Public on 28/08/2024 20:54
Marcus & Millichap Facilitates Sale of Four-Property Multifamily Portfolio in Old Towne District of Portsmouth, Virginia
Press Releases
Marcus & Millichap Facilitates Sale of Four-Property Multifamily Portfolio in Old Towne District of Portsmouth, Virginia
August 28, 2024
LinkedIn Email App
PORTSMOUTH, Va., August 28, 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 a four-property multifamily portfolio located in the Old Towne historic district of Portsmouth, Virginia. The properties collectively sold for $4,400,500.
"For the past eight years, we have built a strong relationship with the seller by regularly sharing market data," said Justin Ferguson, first vice president investments. "When he decided to sell, our team provided up-to-date rent and sales comparables, securing the listing and receiving multiple full-price offers in the first week. The sale was successfully closed with no renegotiation on price or terms to a buyer we've partnered with for seven years."
Ferguson, Altay Uzun, Theo Jolley and Jack Carroll, investment specialists in Marcus & Millichap's Hampton Roads and Richmond offices, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, EF Captial. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
"This deal was a competitive process with multiple offers, which laid the foundation for a smooth closing for our seller," said Uzun, senior vice president of investments. "The buyer has been a dependable closer in the market, continuing their strong track record even in a high-interest-rate environment. This is one of several deals our team has closed during this quantitative tightening cycle, proving that The Uzun Group of Marcus & Millichap delivers results for our clients in any market."
The properties include 320-322 Dinwiddie Street, 359 Middle Street, 344 Court Street & 412 North Street, and 327 Washington Street, all built between 1880 and 1918 with 61 total units. Located in the heart of Portsmouth's desirable neighborhoods, these properties benefit from the city's waterfront views along the Elizabeth River and historic charm.
"For the past eight years, we have built a strong relationship with the seller by regularly sharing market data," said Justin Ferguson, first vice president investments. "When he decided to sell, our team provided up-to-date rent and sales comparables, securing the listing and receiving multiple full-price offers in the first week. The sale was successfully closed with no renegotiation on price or terms to a buyer we've partnered with for seven years."
Ferguson, Altay Uzun, Theo Jolley and Jack Carroll, investment specialists in Marcus & Millichap's Hampton Roads and Richmond offices, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, EF Captial. Brian Hosey, Broker of Record in Virginia, assisted in closing the transaction.
"This deal was a competitive process with multiple offers, which laid the foundation for a smooth closing for our seller," said Uzun, senior vice president of investments. "The buyer has been a dependable closer in the market, continuing their strong track record even in a high-interest-rate environment. This is one of several deals our team has closed during this quantitative tightening cycle, proving that The Uzun Group of Marcus & Millichap delivers results for our clients in any market."
The properties include 320-322 Dinwiddie Street, 359 Middle Street, 344 Court Street & 412 North Street, and 327 Washington Street, all built between 1880 and 1918 with 61 total units. Located in the heart of Portsmouth's desirable neighborhoods, these properties benefit from the city's waterfront views along the Elizabeth River and historic charm.
# # #
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.