Marcus & Millichap : Announces $24 Million Sale of Winchester Virginia Apartments
August 09, 2022 at 01:59 pm EDT
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Marcus & Millichap Announces $24 Million Sale of Winchester Virginia Apartments
August 09, 2022
WINCHESTER, Va. August 8, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Pine Plaza and Wright Apartments, a 195-unit apartment portfolio located in the Winchester submarket of Virginia. The assets sold for a combined total of $24 million, or $123,077 per unit at a blended cap rate of 4.23% based on trailing-12-month financials.
"It was a pleasure to work with both seller and buyer in completing this transaction as they are both long-term clients. The demand for value-add multifamily assets in the Winchester submarket and greater I-81 corridor remain strong, with solid fundamentals creating the foundation for this transaction," said Marty Zupancic, senior vice president investments in the firm's Washington, D.C. office.
Marcus & Millichap's Zupancic, Dennis Cravedi, Nick Murray, and Eric Jentoft-Herr, represented the seller, Outlier Realty Capital, and procured buyer, Ritz Banc Group.
"Ritz Banc Group is excited to add Pine Plaza and Wright Apartments to our growing multifamily portfolio," said Ethan Markman, acquisition associate for Ritz Banc Group. "This deal represents the firm's second acquisition in Winchester and demonstrates our continued conviction in the value-add multifamily sector and I-81 market in western Virginia. We look forward to integrating these assets with our greater portfolio and providing strong returns to our investors."
Pine Plaza was built in 1955 and renovated in 1990. The property is located at 2237 Taft Circle, Winchester, Va. and features 136 units. The asset sold for $17,280,000 or $127,059 per unit. Wright Apartments was built in 1971 and is located at 1002-1058 Woodstock Lane, Winchester, Va. The property features 59 units and sold for $6,720,000 or $113,898 per unit.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 17:58:05 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
