Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Cedar Gate Apartments, a 52-unit apartment property located in Houston, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office.

Jeffrey Fript, First Vice President Investments, and Christian Mazzini, Senior Associate, in Marcus & Millichap’s Houston 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 Jeffrey Fript and Christian Mazzini.

Cedar Gate is located in the highly desirable submarket of Spring Branch, resulting in a very competitive situation as in state and out of state investors sought this value-add deal. The Buyer plans to continue interior upgrades in an effort to increase rents.

Cedar Gate Apartments is located at 1325 Cedar Post in Houston, Texas.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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. To learn more, please visit: www.MarcusMillichap.com.