LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has formed a strategic alliance with Property Sciences, a market-leading appraisal firm, to provide lenders with portfolio valuations, according to Stephen Stein, (top right photo) regional manager of the firm’s Los Angeles office.
Marcus & Millichap’s Southern California offices, including Los Angeles, Encino, West Los Angeles, Ontario, San Diego, Long Beach and Newport Beach, will initially work with Property Sciences on providing portfolio valuation services.
“Since early 2007, Marcus & Millichap has steadily increased its menu of services for banks, appraisers and borrowers,” explains Stein. In 2006, the firm expanded its Special Assets Services division, and began offering more broker opinions of value (BOVs) and other tools for lending institutions and investors facing loan delinquencies, REOs and other distressed situations.
“Property Sciences assists lenders with the valuation of commercial real estate portfolios on a national scale,” states Andrew Mekjavich, a vice president at Property Sciences’ corporate headquarters in Pleasant Hill, CA. disposition.”
For more information on Property Sciences, please visit http://www.propsci.com/.
Marcus & Millichap to Assist Universities With Real Estate Monetization Strategies
The consortium is a collection of higher education leaders and finance experts that will assist universities with real estate monetization strategies. Jackman, a vice president investments, and Prince, a senior associate in the Tampa office of Marcus & Millichap, have been engaged to provide assistance with the real estate investment transaction itself, including identifying other Marcus & Millichap investment specialists to assist universities with underwriting strategies, acquisitions, dispositions and sale lease-backs.
$22.8M Buys Southern California Multifamily Asset
The sales price of $22,863,000 represents $254,033 per unit and $211 per square foot.
Ron Harris, (lower left photo) a senior vice president investments and senior director of the firm’s National Multi Housing Group in Los Angeles, represented the seller, a Northern California-based investment group, and the buyer, Alliance Residential, a Phoenix-based investment group.
“The Madison is one of the most esteemed apartment home communities in Rancho Palos Verdes and is an affordable alternative to the multimillion-dollar single-family residences on the Palos Verdes Peninsula,” says Harris. “The Madison provides deluxe accommodations for a discerning tenant base that enjoys the Southern California beach lifestyle and benefits from the community’s proximity to multiple employment centers.”
The Madison’s unit mix features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. The average unit size is greater than 1,200 square feet and 56 percent of the apartments have ocean views. Select units have panoramic views of the sea and of Catalina Island.
Marcus & Millichap Opens New Office in Providence, RI
The office is located at 136 Peckham Road, Little Compton, R.I. The phone number is (401) 592-0199 and the fax number is (401) 592-0046.
“The new office builds upon our growing presence in New England, which includes offices in Boston and New Haven,” says Lucas. “The Providence office will allow us to bring Marcus & Millichap’s unique brokerage platform and access to a nationwide pool of capital to investors in Rhode Island and throughout New England.”
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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