MARCUS & MILLICHAP ARRANGES THE SALE OF A 22-UNIT APARTMENT PROPERTY
SAN ANGELO, TEXAS, August 12, 2016 – 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 Concho Bend Apartments, a 22-unit apartment property located at 302 Allen Street in San Angelo, Texas, according to Craig R. Swanson, regional manager of the firm’s Austin office.
William E. Stover, Jr., who is originally from San Angelo and very familiar with the market, and Mike Moffitt Jr, investment specialists in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a private investor. The property received multiple offers and closed in 75 days under contract with a partnership.
Built in 1971, Concho Bend Apartments offers a unit mix of 21 two-bedroom units at an average of 850 square feet and one, three-bedroom unit at 900 square feet.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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