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Marcus & Millichap Arranges the Sale of a 56-Unit Apartment Building

May 09, 2022

LAS VEGAS, Nev., May 9, 2022 – 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 Sunrise Living Apartments Portfolio, a 56-unit apartment property located in Las Vegas, NV. According to Ryan Sarbinoff, regional manager of the firm’s Las Vegas office, the asset sold for $7,208,625.

Drew Holden, investment specialists in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the Seller, a limited liability company based in Las Vegas. The Buyer was a first-time Buyer in the marketplace and was sourced and represented by Holden.

“Through our strategic marketing campaign, we were able to secure multiple offers from both local and out of state investors. After multiple rounds of negotiations, the winning offer had a 10% deposit passed through at signing with a 30-day close.” Said Holden. “This transaction perfectly represented what we are currently seeing in the Las Vegas market. There are many sophisticated apartment owners across the country who have been eager to deploy capital into Las Vegas but have been unable to access local inventory. By generating maximum exposure for our Seller’s properties, our team has been able to create a competitive environment where new investors are paying premiums over local Buyers.”

 

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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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