Press Releases
Marcus & Millichap Arranges The Sale Of A 66-Unit Apartment Building
July 12, 2024
PORT ORCHARD, WA, July 12, 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 Orchard Park, a 66-unit apartment property located in Port Orchard, Washington. The asset sold for $16,000,000.
Kellan Moll and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Mitchell Loofburrow, Moll and Morasch.
Orchard Park is located at 2950 Tumbleweed Lane SE in Port Orchard, Washington. Constructed in 1981 as condominiums and a great unit mix of One-, Two- and Three-bedroom units, the property was 96% occupied at the time of sale. The Buyer is a local investor that sold an apartment building in Texas and returned his equity to Washington State to increase cash flow with a newer property and less near-term CapEx requirements. The Seller will be performing a 1031 exchange into a newer stabilized apartment community.
Kellan Moll and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Mitchell Loofburrow, Moll and Morasch.
Orchard Park is located at 2950 Tumbleweed Lane SE in Port Orchard, Washington. Constructed in 1981 as condominiums and a great unit mix of One-, Two- and Three-bedroom units, the property was 96% occupied at the time of sale. The Buyer is a local investor that sold an apartment building in Texas and returned his equity to Washington State to increase cash flow with a newer property and less near-term CapEx requirements. The Seller will be performing a 1031 exchange into a newer stabilized apartment community.
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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.
