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 Normandy, a 143-unit apartment property located in Port Arthur, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.

Nick Fluellen, Bard Hoover, David Fersing, and Sean Scott, investment specialists 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 also secured and represented by Fluellen, Hoover, Fersing, and Scott.

“This property presented a great value-add opportunity. We were able to smoothly close this transaction with a Fannie Mae loan assumption and great seller and buyer execution,” commented Fersing.

Normandy is located at 3600, 3700, 3800 Normandy Drive 4712 39th Street in Port Arthur, Texas. The subject property features 143 units situated on 9.68 acres of land.

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.