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Marcus & Millichap Arranges The Sale Of A Four-Unit Apartment Building

October 12, 2021

ERIE, Colo., October 12, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announces the sale of 505 Pierce St, a four-unit multifamily asset in Erie, for $1,090,000. Pierce Street attracted significant investor interest and was under contract after just one week on the market.

Boomer Beatty and Peter Standley, both first vice president investment at Marcus & Millichap’s Denver office, represented the seller in this deal. Jonathan Cole from Your Castle Real Estate represented the buyer.

505 Pierce Street offers an ideal mix of two- and three-bedroom, townhome-style units. Fifty percent of the units have been fully renovated and feature new plank flooring, condo-quality finishes and beautifully updated kitchens and bathrooms. Residents also enjoy designated dining areas and in-unit washers and dryers.
“505 Pierce presented a strong opportunity to acquire a rental asset in downtown Erie,” said Beatty, adding “the property offers the possibility of upside through continued renovations in a popular area in which rental opportunities are exceedingly rare.”

The property enjoys a prime position in Erie’s downtown district. 505 Pierce located just one block west of Erie’s main downtown shopping district and offers easy access to Erie’s ever-growing independent dining and shopping scene. This proximity to Erie’s cultural center combined with the building’s generous floor plans supports 505 Pierce Street’s position as a unique asset offering unrivaled livability in an increasingly popular submarket.

 

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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.

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