Marcus & Millichap Inc.
07/15/2024 | Press release | Archived content
Marcus & Millichap Announces Sale of 288-Unit Vanderbilt Apartments in Clute Texas
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Marcus & Millichap Announces Sale of 288-Unit Vanderbilt Apartments in Clute Texas
July 15, 2024
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AUSTIN, TX, July 15, 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 Vanderbilt Apartments, a 288-unit apartment home community in Clute, Texas.
"The closing of Vanderbilt Apartments is a prime example of the strong demand for vintage properties at an attractive basis with substantial potential for value enhancement," said Nico Bianchi, senior associate. "Despite current challenges in the market, our comprehensive marketing strategy garnered significant interest, and we are eager to see the buyer's vision for revitalizing this community come to life."
Bianchi and Kent Myers, investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, Gupta Vanderbilt Place LLC, and procured the buyer, a local limited liability company.
Located at 101 Hackberry Street, Vanderbilt Apartments is a 288-unit community built in 1978, featuring five floorplans that include one-, two-, and three-bedroom units. Conveniently situated near Highway 288, the property is just minutes away from Surfside Beach and Lake Jackson.
"The closing of Vanderbilt Apartments is a prime example of the strong demand for vintage properties at an attractive basis with substantial potential for value enhancement," said Nico Bianchi, senior associate. "Despite current challenges in the market, our comprehensive marketing strategy garnered significant interest, and we are eager to see the buyer's vision for revitalizing this community come to life."
Bianchi and Kent Myers, investment specialists in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, Gupta Vanderbilt Place LLC, and procured the buyer, a local limited liability company.
Located at 101 Hackberry Street, Vanderbilt Apartments is a 288-unit community built in 1978, featuring five floorplans that include one-, two-, and three-bedroom units. Conveniently situated near Highway 288, the property is just minutes away from Surfside Beach and Lake Jackson.
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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.