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 Vanderbilt Lodge Apartments, a 105-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, First Vice President Investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Jeffrey Fript and Christian Mazzini.

“We secured this listing at the height of the lockdown but the activity on this asset was terrific. It shows the strength of the Houston Multi-family market even during these trying times. Our Marcus & Millichap platform afforded us the opportunity to maximize exposure for this asset resulting in close to thirty tours and multiple offers. The Buyers plan to continue the interior and exterior upgrades to the property to increase their revenue stream.” said Fript.

Vanderbilt Lodge Apartments is located at 12660 Medfield Drive in Houston, Texas.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.