Press Releases
Marcus & Millichap Arranges the Sale of a 127-Unit Texas Apartment Building
April 02, 2024
TERRELL, TX, April 2, 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 Texas, a 127-unit apartment property located in Terrell, TX. The asset sold for an undisclosed price.
Mitchell Loofburrow, Kellan Moll, and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, represented the seller, a Washington limited liability company. The buyer, a Washington limited liability company, was secured and represented by Kellan Moll, Mitchell Loofburrow and Scott Morasch, Regional Manager, and Broker of Record, assisted in closing this transaction.
Texas Apartments is located at 1001 Mineral Wells St in Terrell, TX. (The property was built in 1972 and contains a mix of one-, two-, three- and four-bedroom units, several of which are townhomes. A majority of the units had received premium interior renovations under prior ownership, to provide a more modern feel and cater to the upper end of the submarket’s working class tenant base. Ray Allen of IPA/MMCC arranged the acquisition financing for the Buyer through Fannie Mae and M&T Bank.
Mitchell Loofburrow, Kellan Moll, and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, represented the seller, a Washington limited liability company. The buyer, a Washington limited liability company, was secured and represented by Kellan Moll, Mitchell Loofburrow and Scott Morasch, Regional Manager, and Broker of Record, assisted in closing this transaction.
Texas Apartments is located at 1001 Mineral Wells St in Terrell, TX. (The property was built in 1972 and contains a mix of one-, two-, three- and four-bedroom units, several of which are townhomes. A majority of the units had received premium interior renovations under prior ownership, to provide a more modern feel and cater to the upper end of the submarket’s working class tenant base. Ray Allen of IPA/MMCC arranged the acquisition financing for the Buyer through Fannie Mae and M&T Bank.
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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.
