More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
Marcus and Millichap Closes Sale of 1,164 Multifamily Units for $80.5 Million
Tags:
(Posted on Mar 19, 2017 at 01:00PM by Michelle Bogle)
Just this week, Marcus & Millichap announced that the company’s Dallas, Texas-based multi-family investment sales team closed the sale of six properties with a total of 1,164 units valued at $80.5 million.Â
Â
The properties include:
Â
•   Spring Lake, 380 units, Haltom City
•   Tradewind, 306 units, Mesquite
•   Village at the Crossroads, 200 units, Irving
•   Oaks Branch, 76 units, Garland
•   Bradford Place, 128 units, Commerce
•   The Village Condominiums, 74 units, Waco
“The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,†says Nick Fluellen, Senior Managing Director Investments with Marcus & Millichap. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.â€
Â
“All of the properties provide new ownership with excellent opportunities to add value in various ways, including the continuation or implementation of strategic upgrade plans,†adds Bard Hoover, First Vice President Investments at Marcus & Millichap. “Some also have excellent upcoming expense reduction opportunities.â€
Â
Fluellen and Hoover represented the sellers and procured the buyers in all of the transactions. Evan Burke, Sean Scott and Trey Caldwell, Associates with Marcus & Millichap, provided additional representation in the Bradford Place sale, and Scott and Caldwell assisted in the sale of The Village Condominiums.
Â
North-west of the United States border, our Canadian Associates at Marcus & Millichap Vancouver display the same exemplary expertise as our U.S.-counterparts as the leading specialist in commercial real estate investment sales, financing, research and advisory services.Â
Â
Since 1971, Marcus & Millichap 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. We also specialize in a number of unique asset categories, including multi-family, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
Â
Our Vancouver office has a special interest in multi-family properties with a solid track record of success. In December of last year, our very own Charlie Hughes and Mike Guinan-Browne facilitated the sale of Taja Apartments, a 28-unit multi-family property located at 1131 Barclay St. in Vancouver, British Columbia. The building, which was built in 1941 and sits on an 8,646 square foot site, sold for $13.5 million (or $482,142 per unit).
As rent prices continue to remain the highest across Canada, beating out other popular cities like Toronto, the time to invest in multi-family commercial real estate is better than ever. To learn more about partnering with Marcus & Millichap, please contact our Vancouver office for more information.Â
As rent prices continue to remain the highest across Canada, beating out other popular cities like Toronto, the time to invest in multi-family commercial real estate is better than ever. To learn more about partnering with Marcus & Millichap, please contact our Vancouver office for more information.Â
Powered by Webstager