Marcus & Millichap : Brokers The Sale Of Trails Corner Apartments In Raleigh For $9,975,000
January 10, 2023 at 11:19 pm
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Marcus & Millichap Brokers The Sale Of Trails Corner Apartments In Raleigh For $9,975,000
January 10, 2023
RALEIGH, N.C., Jan. 10th, 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 Trails Corner Apartments, a 57-unit apartment complex located just outside the Central Business District in Raleigh, North Carolina. The property sold for $9,975,000. The price represents an 5.3% in-place cap rate with strong value-add upside.
"There continues to be strong interest in value-add and cash-flowing assets from diverse buyer profiles and capital sources, investing in real estate for its intrinsic value and long-term capital appreciation," says Eider. "The seller was an east-coast based long-time client. Partnered with our local market experts, our collective teams leveraged a unified collaboration to maximize the marketing exposure to a wider buyer pool."
Chez Eider, investment specialist of the firm's New Jersey office, in addition Ryan Gavigan, Nate McDaniel, and Jim Davis, investment specialists in the North Carolina Marcus & Millichap office, had the exclusive listing to market the property on behalf of the seller, a private investor. Gavigan, Eider, McDaniel, and Davis also procured the buyer.
The property at 804-817 McMakin Street consists of 16 buildings situated on 8.62 acres featuring two- and three-bedroom spacious floorplans. The newly updated apartments include modern amenities, white cabinetry, vinyl plank flooring, and space for a full-size washer/dryer.
The Trails Corner Apartments are situated in a rapidly transitioning neighborhood, with the new Park City South development currently under construction in close proximity. This development will include 180,000 square feet of office space, 615 apartments, and ground-floor retail.
The Trails Corner Apartments are centrally located conveniently near downtown Raleigh, North Carolina State University, Raleigh Convention Center, Interstate 40 and economic generators.
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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.
Marcus & Millichap Inc. published this content on 10 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 January 2023 23:18:13 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
