MARCUS & MILLICHAP ARRANGES THE SALE OF A 20-UNIT APARTMENT PROPERTY
GEORGETOWN, TEXAS, April 6, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Buffalo Springs, a 20-unit apartment property located at 3707 Buffalo Springs Trail in Georgetown, Texas, according to Craig R. Swanson, regional manager of the firm’s Austin office.
J.R. Ellis, an investment specialist in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a fund manager, was also secured by Mr. Ellis.
Ellis mentions, “Georgetown has seen explosive growth over the past five or so years. Buffalo Springs is an excellent opportunity to add immediate value to an asset in a high growth market.”
Buffalo Springs offers some of the largest two bedroom floor plans in the city within the 1980s vintage. The competitive floor plans as well as the strong rental demand in Georgetown – a suburb located within the Austin Metro – have created a near 100 percent historical occupancy for the property.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com