Marcus & Millichap Inc.
Marcus & Millichap Inc.
30/07/2024 | Press release | Distributed by Public on 31/07/2024 00:07
Marcus & Millichap Arranges Sale of 123-Unit Multifamily Property in Mississippi
Press Releases
Marcus & Millichap Arranges Sale of 123-Unit Multifamily Property in Mississippi
July 30, 2024
LinkedIn Email App
TUPELO, Miss., July 30, 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 Parkway Terrace, a 123-unit apartment property located in Tupelo, Mississippi.
"The Cooper Multi Housing Group is honored to have had the opportunity to facilitate this transaction and ensure both parties achieved a mutually satisfying outcome," said Preston Cooper, first vice president investments. "This sale demonstrates the continued demand for value-add assets in growing tertiary Southeastern markets. This property is an excellent fit for the buyer's expanding portfolio in Mississippi."
Cooper, Matt Smith and Wallace Schmuck, multifamily investment specialists in Marcus & Millichap's Birmingham office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Mickey Davis, Broker of Record in Mississippi, assisted in the transaction.
Located at 2700 W. Main Street, Parkway Terrace features a mix of one-bedroom apartments and two- and three-bedroom townhomes. The property was built in 1972 and has recently undergone partial renovations with upgrades including LVP flooring, updated fixtures and modern appliances. Located in one of the fastest-growing cities in Northeast Mississippi, Parkway Terrace provides access to shopping, schools and major employers like the North Mississippi Medical Center and the Toyota Plant.
"The Cooper Multi Housing Group is honored to have had the opportunity to facilitate this transaction and ensure both parties achieved a mutually satisfying outcome," said Preston Cooper, first vice president investments. "This sale demonstrates the continued demand for value-add assets in growing tertiary Southeastern markets. This property is an excellent fit for the buyer's expanding portfolio in Mississippi."
Cooper, Matt Smith and Wallace Schmuck, multifamily investment specialists in Marcus & Millichap's Birmingham office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Mickey Davis, Broker of Record in Mississippi, assisted in the transaction.
Located at 2700 W. Main Street, Parkway Terrace features a mix of one-bedroom apartments and two- and three-bedroom townhomes. The property was built in 1972 and has recently undergone partial renovations with upgrades including LVP flooring, updated fixtures and modern appliances. Located in one of the fastest-growing cities in Northeast Mississippi, Parkway Terrace provides access to shopping, schools and major employers like the North Mississippi Medical Center and the Toyota Plant.
# # #
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.