Press Releases
Marcus & Millichap Brokers 17-Unit Multifamily Property in Portsmouth
March 25, 2024
PORTSMOUTH, Va., March 25, 2024 – 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 1007 Green Street, a 17-unit apartment property located in Portsmouth, Va. The property sold for $2,400,000, or $141,176 per unit.
“The seller originally endeavored to handle the sale independently, but with the advantage of our national platform, marketing strategies and ability to secure higher pricing, the seller saw the benefit in a partnership,” says Justin Ferguson, first vice president investments. “Additionally, our expertise in managing the myriad of daily responsibilities required to take the property from tours to the closing table helped this closing succeed.”
Ferguson, Altay Uzun, Theo Jolley and Jack Carroll, investment specialists in Marcus & Millichap’s Hampton Roads and Richmond offices, had the exclusive listing to market the property on behalf of the seller, Capps Equity, LLC, and procured the buyer, Nouveux Effingham, LLC .
Built in 1987, Effingham Green Condos features 17 two-bedroom, one-bathroom units across two buildings on two acres. Located in the heart of Portsmouth, the condos are less than three miles from Norfolk Naval Shipyard, one of the largest shipyards in the United States. The property has easy access to I-65, I-264, I-464 and Effingham Street.
“The seller originally endeavored to handle the sale independently, but with the advantage of our national platform, marketing strategies and ability to secure higher pricing, the seller saw the benefit in a partnership,” says Justin Ferguson, first vice president investments. “Additionally, our expertise in managing the myriad of daily responsibilities required to take the property from tours to the closing table helped this closing succeed.”
Ferguson, Altay Uzun, Theo Jolley and Jack Carroll, investment specialists in Marcus & Millichap’s Hampton Roads and Richmond offices, had the exclusive listing to market the property on behalf of the seller, Capps Equity, LLC, and procured the buyer, Nouveux Effingham, LLC .
Built in 1987, Effingham Green Condos features 17 two-bedroom, one-bathroom units across two buildings on two acres. Located in the heart of Portsmouth, the condos are less than three miles from Norfolk Naval Shipyard, one of the largest shipyards in the United States. The property has easy access to I-65, I-264, I-464 and Effingham Street.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
