Press Releases
Marcus & Millichap Arranges $3.1 Million Sale of Apartment Property in Norfolk
March 25, 2024
NORFOLK, Va., March 25, 2024 – 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 1314 and 1318 Little Bay Avenue, a 20-unit apartment property located in Norfolk, Va. The property sold for $3,100,000, or $155,000 per unit.
“This was a great transaction in which we successfully completed a full cycle with the seller,” says Justin Ferguson, first vice president investments. “We stayed in touch following the sale, giving them quarterly market updates and established a clear growth plan to help them get an amazing price when they sold. This exemplifies how we aid clients in their business expansion and growth.”
Ferguson, Altay Uzun, Theo Jolley and Jack Carroll, investment specialists in Marcus & Millichap’s Hampton Roads and Richmond offices, had the exclusive listing to market the property on behalf of the seller, Tidewater View, LLC, and procured the buyer, Nourveaux Little Bay, LLC.
Built in 1970, 1314 and 1318 Little Bay Avenue houses 20, 600 square-foot one-bedroom units. The property is conveniently located near the waterfront with easy access to I-64, I-264 and I-464. The asset is within a 15-minute drive to military bases including Norfolk’s Naval Base, Air Station and Aviation Depot.
“This was a great transaction in which we successfully completed a full cycle with the seller,” says Justin Ferguson, first vice president investments. “We stayed in touch following the sale, giving them quarterly market updates and established a clear growth plan to help them get an amazing price when they sold. This exemplifies how we aid clients in their business expansion and growth.”
Ferguson, Altay Uzun, Theo Jolley and Jack Carroll, investment specialists in Marcus & Millichap’s Hampton Roads and Richmond offices, had the exclusive listing to market the property on behalf of the seller, Tidewater View, LLC, and procured the buyer, Nourveaux Little Bay, LLC.
Built in 1970, 1314 and 1318 Little Bay Avenue houses 20, 600 square-foot one-bedroom units. The property is conveniently located near the waterfront with easy access to I-64, I-264 and I-464. The asset is within a 15-minute drive to military bases including Norfolk’s Naval Base, Air Station and Aviation Depot.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
