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 Asbury Place Apartments, a 262,880-square-foot multifamily complex with 262 units.
“The Uzun group was selected to facilitate the transaction of Asbury Place, allowing us to advise, yet again, another non-profit organization with an important mission within the community. The Redevelopment Housing Authority,with input fromcity council, gavethe Uzun Group of Marcus & Millichap the vote of confidence to lead this transaction,” says Altay Uzun, first vice president investments.
This propertyis in an ideal demographic, with easy access to Interstate 64 as well as Interstate 664, making a trip to downtown Hampton easily accessible. Just around the corner, 39% of Hampton University’s student body lives off campus, offering a great opportunity for young adults seeking out affordable housing. In addition to the high affordability gap, the strong military presence andabundant educational institutions make this location a multifamily hotspot.
“We are very happy with how this deal turned out. Not only did the buyer execute as promised, but this deal furthers the Uzun group’s reputation in this niche of advising multifamily housing authorities throughout Virginia. Also, this pocket of Hampton has a ton of redevelopment and upside to look forward to and we are proud to have been able to facilitate a deal that will better our MSA by improving the quality of housing for 262 households,” added Uzun.
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, 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.
