Press Releases
Marcus & Millichap Brokers Sale and Financing of Multifamily Asset in the Great Smoky Mountains
July 06, 2026
CULLOWHEE, N.C., July 6, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Sky at Cullowhee, a multifamily property in Cullowhee, North Carolina.
“Representing a repeat client is one of the strongest endorsements we can receive,” said Isaiah Shatz, associate investments in Marcus & Millichap’s Charlotte office. “By leveraging our targeted marketing process and extensive outreach, we generated strong interest in the asset and successfully achieved 97% of the asking price. We appreciate our clients continued trust and are proud to have delivered another successful outcome.”
Shatz, Ryan Lipomi and William Graves Jr. of Marcus & Millichap facilitated the transaction. Richard Williamson of Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured $3,375,000 in financing with a local credit union. The loan features 6-months interest only, 75% loan-to-value, and an interest rate of 6.25%.
Located at 563 N Country Club Drive, Sky at Cullowhee is a 58-unit motel-to-multifamily conversion on a 6-acre lot. The property was built in 1980, and all units have updated interiors and appliances. The unit mix consists of 53 studios, three one-bedroom, and two two-bedroom apartments. Amenities include a fitness center, laundry facilities, onsite management, parking and security.
Sky at Cullowhee is situated in the Blueridge Mountains, within walking distance from Western Carolina University. The property is close to the Tennessee border and scenic attractions including the Great Smoky Mountains National Park, the Blueridge Parkway and the Nantahala National Forest.
“Representing a repeat client is one of the strongest endorsements we can receive,” said Isaiah Shatz, associate investments in Marcus & Millichap’s Charlotte office. “By leveraging our targeted marketing process and extensive outreach, we generated strong interest in the asset and successfully achieved 97% of the asking price. We appreciate our clients continued trust and are proud to have delivered another successful outcome.”
Shatz, Ryan Lipomi and William Graves Jr. of Marcus & Millichap facilitated the transaction. Richard Williamson of Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured $3,375,000 in financing with a local credit union. The loan features 6-months interest only, 75% loan-to-value, and an interest rate of 6.25%.
Located at 563 N Country Club Drive, Sky at Cullowhee is a 58-unit motel-to-multifamily conversion on a 6-acre lot. The property was built in 1980, and all units have updated interiors and appliances. The unit mix consists of 53 studios, three one-bedroom, and two two-bedroom apartments. Amenities include a fitness center, laundry facilities, onsite management, parking and security.
Sky at Cullowhee is situated in the Blueridge Mountains, within walking distance from Western Carolina University. The property is close to the Tennessee border and scenic attractions including the Great Smoky Mountains National Park, the Blueridge Parkway and the Nantahala National Forest.
# # #
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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
