TACOMA, WA, April 6, 2021 – 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 Point Defiance, a 8-unit apartment property located in Tacoma, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $1,015,000.
Kellan Moll, Mitchell Loofburrow and Scott Morasch, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.The buyer, a limited liability company, was secured and represented by Kellan Moll, Mitchell Loofburrow and Scott Morasch,
Point Defiance is located at 4652 N Pearl St in Tacoma, WA. (The property was built in 1966 and consists of all 1 Bedroom/1 Bathroom units. The property was well maintained by the previous ownership; however, no significant recent renovations had been performed. The property had a strong occupancy history however rent levels were far below market in its current condition, offering strong upside for the new owner through more aggressive management and renovation of unit interiors.
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.