MARCUS & MILLICHAP ARRANGES THE SALE OF AN 80-UNIT MULTIFAMILY PROPERTY
MCALLEN, TEXAS, July 31, 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 Redbud Place, an 80-unit apartment property located at 1001 East Redbud Avenue in McAllen, Texas, according to Craig R. Swanson, regional manager of the firm’s Austin office.
Mike Moffitt Jr, first vice president investments in Marcus & Millichap’s Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by Whitney Rhoades, Danalee Corso and Scott Logan, investment specialists in Marcus & Millichap’s Portland office.
Constructed in 2003 on nearly 4 acres, Redbud Place consists of 24 one-bedroom units and 56 two-bedroom units. Amenities for Redbud Place includes a business center, clubhouse, as well as a pool and spa area.
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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