Marcus & Millichap : Arranges the Sale of a 33-Unit Apartment in Albany, OR
March 20, 2023 at 06:41 pm EDT
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Marcus & Millichap Arranges the Sale of a 33-Unit Apartment in Albany, OR
March 20, 2023
ALBANY, OR, March 20, 2023 - 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 Sheridan Plaza, a 33-unit apartment property located in Albany, OR, according to David Tabata, regional manager of the firm's Portland office. The asset sold for $4,250,000.
Georgie Christensen-Riley and Joshua C. Reynolds, investment specialists in Marcus & Millichap's Portland office and members of the Christensen Group, had the exclusive listing to market the property on behalf of the seller and also secured the buyer. The Christensen Group previously represented the seller when they purchased the asset back in 2021. During their ownership, the sellers made significant capital improvements to the property including new roofs and gutters, adding a garbage enclosure, resurfacing the parking lot and adding new windows/sliders. The sellers were able to increase the cashflow by renovating several units and partnering with professional third-party management. The buyer, a private-client group based in Portland, saw the opportunity to continue to increase rents through further renovations.
Sheridan Plaza is located at 208 SE 5th Ave 205 SE 6th Ave in Albany, OR. The property was on market for 22 days, and after fielding multiple offers, was under contract and closed after an 86-day escrow period. This sale represents a pulse of where the market is at today. Demand in the market remains high despite challenging lending environment in part because of limited inventory.
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About Marcus & Millichap, Inc. (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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 20 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2023 22:40:02 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. 
