Marcus & Millichap Arranges Sale Of 18 Unit Apartment Building
PENDLETON, OR, July 16, 2021 – 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 Ridgegate Apartments, an 18 unit apartment property located in Pendleton, OR, according to Joel Andrew Deis, regional manager of the firm’s Portland office. The asset sold for $1,375,000.
Nygel Drury and Whitney Rhoades, investment specialists in Marcus & Millichap’s Portland office, arranged the sale between the seller, a limited liability company out of Denver, CO and the buyer.
Ridgegate Apartments is located at 2211 SW Nye Ave in Pendleton, OR. The buyer acquired the property because of its strong cash flow. The out of state Sellers are taking advantage of the current market and intend to participate in a 1031 tax deferred exchange into a larger apartment complex in Arizona.
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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.