Longview, Wash., September 11, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of Monticello, a historic apartment community in Longview, Washington featuring 68 residential units and ground floor retail. The Property sold for $8.22 million, which equates to $120,882 per unit.
Originally built in 1923, the Monticello Hotel is a staple in the Longview community and one of the longest standing structures since the city was founded by R A Long in the early 1900’s. Formerly a landmark hotel with 200 rooms, the Monticello operates today as a 68-unit apartment building with ground floor retail, private function spaces, and a grand ballroom fit for weddings and large private gatherings.
The sellers recently completed a multi-million-dollar renovation with revamped ground floor retail spaces and common areas offering the buyer a turn-key asset with old-world charm and pride of ownership in the heart of Longview. Not to mention an excellent Walk Score of 86 and low historical multifamily vacancy rates.
“We are pleased to have represented the sellers of The Monticello, a renovated trophy asset. This truly is a one-of-a-kind building,” said Ryan Dinius, First Vice President of Investments at Marcus & Millichap, Inc. Dinius, Sidney Warsinske, Philip Assouad, and Giovanni Napoli exclusively represented the seller for the transaction and George Miller of Marcus & Millichap, Inc. procured the buyer.
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.