Southeastern New Mexico Multifamily Asset Trades Hands
HOBBS, N.M, July 12, 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 Homestead, a 240-unit multifamily property Hobbs, New Mexico.
“Homestead has excellent in-place cash flow, a positive revenue trend, and historical occupancy of more than 95%,” said John McGregor, an associate in Marcus & Millichap’s Dallas office. “The property’s superior interior finishes and the high occupancy rate in Hobbs should allow these trends to continue.”
McGregor, Nick Fluellen, senior managing director investments and Bard Hoover, senior vice president investments, represented the seller and procured the buyer. Matt Reeves, senior associate, is Marcus & Millichap’s broker of record in New Mexico.
Built in 2016 on 10.6 acres, Homestead is within 10 minutes of employers in 15-square- mile EnergyPlex Park and Hobbs Industrial Park. Coronado Elementary School, Highland Junior High School, and St. Helena School are five minutes away and Lea County Regional Airport is nearby.
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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.