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 Sunrise Homes, Broadway, and Rex Arms, an 84-unit apartment portfolio located in Hobbs, NM, according to Tim A. Speck, division manager in the firm’s Dallas office.
Nick Fluellen, Bard Hoover, Sean Scott, and Matt Aslan, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the properties on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured by Fluellen, Hoover, Scott, and Aslan. Matthew Reeves, Broker, assisted in closing this transaction.
“We were able to go under contract and close during the Covid-19 crisis, all the more impressive since oil prices were down significantly. The sellers were looking to free up equity so they could reinvest in a development near their hometown. The buyers were initially interested only in the smallest one of the three properties, but we were able to demonstrate to them that all three offered greater value and efficiency, and were able to get all the properties sold together,” commented Scott. “This transaction highlights the value of the Marcus & Millichap system and our team, as these properties were previously listed by a local broker who got significantly lower offers. Our ultimate buyers were nearby, but because we could show them ‘why’ this made sense for them, they recognized the value and they were willing to pay a higher price to compete with buyers around the nation.”
The seller commented, “These properties were not easy to sell. You [Sean] and Marcus & Millichap did a great job, thank you… I’d love to buy you a beer!”
Sunrise Homes is located at 1515 Scharbauer Street in Hobbs, NM. Broadway Apartments is located at 1200 East Broadway Street in Hobbs, NM. Rex Arms is located at 110 East Corbett Street in Hobbs, NM.
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 9,726 transactions in 2019 with a value of approximately $50 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.
