Marcus & Millichap : Brokers $21.5 Million Multifamily Asset Sale in Raleigh
September 28, 2022 at 07:06 pm EDT
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Marcus & Millichap Brokers $21.5 Million Multifamily Asset Sale in Raleigh
September 28, 2022
RALEIGH, N.C., Sept. 28, 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 The Oaks at Brier Creek, a 144-unit Low Income Housing Tax Credit apartment complex in Raleigh, North Carolina. The property sold for $21.5 million.
"Raleigh has had one of the fastest household growth rates in the nation this year and the trend is expected to continue as the metro is projected to add 18,600 households annually over the next five years," said Drew Babcock, first vice president investments in Marcus & Millichap's Columbia office. "Rents are growing at one of the most rapid paces in the country and the Raleigh area is one of the top metros for technology job growth, which bodes well for the apartment market. We knew this buyer had a long-term investment plan that made them a good fit for this asset." Babcock represented the Raleigh-based seller, The Oaks at Brier Creek, LLC, and procured the Connecticut-based buyer, New England Investment Partners. Ben Yelm, vice president and regional manager is the firm's broker of record in North Carolina.
The property is in Raleigh's Brier Creek neighborhood, close to the intersection of U.S. Route 70 and Interstate 540, five miles from Research Triangle Park. Retail and restaurants are nearby at Brier Creek Commons and Brierdale Shopping Center. Downtown Raleigh, Durham, and Chapel Hill are a short drive away and Raleigh-Durham International Airport is within five miles.
Built in 2005 on nearly 13 acres, The Oaks at Brier Creek has a swimming pool, playground, fitness center and onsite property management. Apartments have open floor plans, dishwashers, walk-in closets and a patio or balcony. The unit mix is all one-, two- and three-bedroom apartments that range in size from 715 square feet to 1,170 square feet.
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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 28 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2022 23:05:08 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.