Marcus & Millichap Negotiates The Sale Of A 27-Unit Apartment Building In Dallas, Texas

DALLAS, TX, May 20, 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 Chesapeake, a 127-unit apartment property located in Dallas, Texas.

Nick Fluellen, Senior Managing Director, Bard Hoover, Senior Managing Director, and Wesley Racht, Senior Associate, in Marcus & Millichap's Dallas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Mr. Fluellen, Mr. Hoover and Mr. Racht.

According to Wes Racht "The sellers, Mike Moses and Mike Koulakis, were an out of state ownership group who previously had the property on market twice before. We were able to build a relationship with the ownership by providing adequate market updates as well as accurate and timely pricing of the market. After reviewing the market research, the owners felt this was the time to sell." Racht continues "as a result of the marketing efforts of the Fluellen-Hoover Team we were able to secure a local real estate group, who had been primarily focused on single-family home, Adam Mitchell and Lance Doty. They saw this as a prime opportunity to get involved in multifamily housing.

Chesapeake is located at 11620 Audelia Rd in Dallas, Texas.

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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.