Permian Basin Apartment Complex Sold by Marcus & Millichap
CARLSBAD, N.M., July 18, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Avalon at Carlsbad, a 176-unit multifamily property in Carlsbad, New Mexico.
“Avalon at Carlsbad benefits from its location within a diverse local economy that has high-income sectors like crude oil and gas, tourism and entertainment, and healthcare,” commented John McGregor, an associate in Marcus & Millichap’s Dallas office. “Permian Basin, the largest deposit of crude oil and natural gas in the United States, is directly under Carlsbad and accounts for nearly 15 percent of the city’s economy.” McGregor, Nick Fluellen, senior managing director investments and Bard Hoover, senior vice president investments, represented the seller, a private investor, and procured the out-of-state buyer. Matt Reeves, senior associate, is Marcus & Millichap’s broker of record in New Mexico.
Built between 2012 and 2015, Avalon at Carlsbad is within five minutes of a Walmart Supercenter and 10 minutes from the Airport Cavern City Air Terminal. Carlsbad’s elementary schools, junior high schools and high schools are 15 minutes away. More than 33,500 people with a median income of nearly $60,000 live within a five-mile radius of the community. “Most of the units are two- and three-bedroom apartments that are well suited for this family-oriented submarket,” added Fluellen. The average unit size is 876 square feet.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. 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. To learn more, please visit: www.MarcusMillichap.com.