MARCUS & MILLICHAP ARRANGES THE SALE OF A 21-UNIT MULTIFAMILY PROPERTY
AUSTIN, TEXAS, May 16, 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 Delwood, a 21-unit multifamily property located at 1400 East 51st Street in Austin, 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 mentioned, “The location of Delwood is about as close to Mueller as possible without being on the actual development.” The property is located directly across 51st Street from the Mueller Development, which has driven substantial growth in surrounding neighborhoods. Ellis adds, “We had a ton of interest from investors who not only identified the immediate rental upside through renovation of the asset, but also recognized future redevelopment opportunity.”
Delwood is a two-story, garden-style community built in 1967 that offers spacious one-bedroom and two-bedroom floor plans.
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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