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Stock impact report

Institutional Property Advisors Brokers $75M Central Coast California Multifamily Asset Sale

Marcus & Millichap, Inc. (MMI) 
Last marcus & millichap, inc. earnings: 2/20 04:04 pm Check Earnings Report
US:NYSE Investor Relations: marcus.com/us/en
Company Research Source: Business Wire
SANTA MARIA, Calif.--(BUSINESS WIRE)--Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) dedicated to serving the company’s institutional clients, announced today the sale of Hancock Terrace, a 272-unit multifamily property in Santa Maria, California. The asset traded for $75 million, or $275,735 per unit.“Built in 2016 and placed on the market by the original developer, Hancock Terrace is among the largest suburban core assets to sell in Santa Barbara County in the last 25 years,” said Kevin Green, IPA executive managing director.Green, Joseph Grabiec, and Gregory Harris of IPA represented the seller, HT Partners, L.P. and procured the buyer, Step Up Housing in partnership with Sack Capital Partners and Align Financing Partners.“We continue to market multifamily assets to the broadest buyer pool, generate offers from a wide range of investors, and accommodate every investment objective, including converting properties to affordable housing, which i Show less Read more
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