Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Grove Apartments, a 164-unit multifamily property in Starkville, Mississippi.
“This sale reflects the continued investor demand we have seen for value-add assets in fundamentally sound Gulf States markets,” said Josh Jacobs, senior managing director
investments. “Given the combination of an abundance of qualified capital available to deploy and the timing of maturing loans for non-stabilized assets, we anticipate more of these opportunities to realize as we move into the back half of the year.”
Jacobs, along with Lloyd Escue, associate investments, exclusively marketed the property on behalf of the seller, MRKT Capital, and procured the buyer, Emerald City Associates, in
association with Mickey Davis, the firm’s broker of record in Mississippi.
Built in 1975, The Grove Apartments sits on a 10.15-acre lot and comprises one-, two- and three-bedroom units. Community amenities include on-site management and maintenance, laundry facilities and a dog park. The property is 2.9 miles from Mississippi State University and near the Cotton District, a walkable neighborhood known for dining, shopping and entertainment.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
