SPOKANE, WA, April 5, 2023 – 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 Velo Apartments, a 58-unit multifamily property located in Spokane, WA, according to Joel Deis, regional manager of the firm’s Seattle office. The asset sold for $8,400,000.
Ryan Harmon, Nick Ruggiero, Philip Assouad, and Giovanni Napoli, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, Cooper Street Capital.
Velo is located at 1800 E South Riverton Avenue in Spokane, WA. The property is located along the Spokane River and offers an excellent value-add investment opportunity to the buyer, Next Wave Investors.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.