Marcus & Millichap Facilitates the Sale of Bonell, a 350-Unit Apartment Building

GREELEY, Colo., May 16, 2022 - 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 Bonell, a 350-unit apartment property located in Greeley, Colorado, according to Adam A. Lewis, regional manager of the firm's Denver office.

Boomer Beatty and Matthew Beverly, investment specialists in Marcus & Millichap's Denver office, had the exclusive listing to market the property on behalf of the seller, Good Samaritan. The buyer, Warm Springs Holdings, was also secured and represented by Beatty and Beverly. "Good Samaritan had received an off-market offer prior to approaching us," Beverly said, "We were able to secure an offer 81 percent higher than the previous offer within 36 hours after being engaged by the seller."

Bonell is located at 708 22nd Street in Greeley, Colorado. "This is the first time the property, at the gateway to Greeley, has been traded in nearly 90 years. The property was no longer viable for its current use giving Warm Springs a historic opportunity for an adaptation of the campus and to reimagine a beloved part of Greeley's history," Beverly states. "This project will be transformative for this area by rejuvenating the property and providing quality housing options for front-line workers, firefighters, police officers, and other working families of Greeley," continued Beverly.

Jake Durling, president and CEO of Warm Springs Holdings, commented, "Our vision is to provide housing opportunities for those working in Greeley to live in the Greeley community instead of commuting. This is a chance to continue the legacy of the Bonell Campus, in a new way, for the next generations of Greeley residents."

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About Marcus & Millichap (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.