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 the Templeton Portfolio. The three-property apartment portfolio traded for $61 million.
Altay Uzun, a first vice president of investment sales in Marcus & Millichap’s Virginia offices and leader of the firm’s Uzun Group, facilitated the transaction and secured the buyer, MRKT Capital. “The sale is an excellent example of Marcus & Millichap’s cross-product collaborative platform and ability to successfully assist clients with their 1031 exchange strategies and plans,” said Uzun. “My colleague and retail specialist, Austin Smith, in our Washington D.C. office, introduced the seller to us as the primary multifamily asset experts in our region. After a successful transaction, Austin is assisting the seller with finding appropriate exchange opportunities in the retail space.”
The properties of the Templeton Portfolio are:
- Green Tree Apartments, 208 units, Chesapeake, Va.
- Oak Grove Apartments, 132 units, Chesapeake, Va.
- Emerald Lake Apartments, 132 units, Elizabeth City, N.C.
“We are proud to have worked on three transactions with MRKT Capital in the last three years,” Uzun added. “They are a solid firm to represent, and we are excited to see their future successes. MRKT Capital is one of the region’s top multifamily investment firms due to their track record of finding tremendous value plays in markets where they are rare.” Brian Hosey and Ben Yelm are Marcus & Millichap’s brokers of record in Virginia and North Carolina, respectively.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
