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 Vance Street Apartments located at 715 Vance St. in Mebane, N.C. The 12-unit multifamily property sold for $1.125 million, according to Benjamin Yelm, regional manager of the firm’s offices in the Carolinas.
Ryan Gavigan, Jim Davis and Nate McDaniel, investment specialists in Marcus & Millichap’s North Carolina offices, had the exclusive listing to market the property on behalf of the seller, Flywheel Equity. Gavigan and McDaniel then secured the buyer, O2 Durham LLC.
“The Mebane area has seen incredible growth over the last several years as tenants seek out its ideal location between the major metros of Raleigh and Greensboro. The Vance Street Apartments have been a beneficiary of this trend during our ownership, a trend I fully expect to continue with its new ownership. Marcus and Millichap were instrumental in making this transaction happen and I thank them for their representation,” said Ryan Daigle, Managing Partner of Flywheel Equity.
Constructed in 1969 and renovated in 2021, Vance Street Apartments consists of 12 two-bedroom floor plans situated on approximately 2.50 acres. The multifamily property boasts significant proximity to the Tangier Outlets and other surrounding economic generators, including downtown Mebane, Elon University, Alamance Community College, downtown Burlington and Cone Health Alamance Regional Medical Center.
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.
