Marcus & Millichap, Inc.

https://marcusmillichap.com

Marcus & Millichap, Inc. is a prominent commercial real estate brokerage firm headquartered in Calabasas, California. Founded in 1971, the company's core business revolves around providing investment sales, financing, research, and advisory services across North America. Its mission is to help clients create and preserve wealth by delivering unparalleled real estate investment sales, financing, research, and advisory services, while also creating value for shareholders and employees.

The firm offers a comprehensive suite of services, including real estate investment sales, property financing through Marcus & Millichap Capital Corporation (MMCC), in-depth market research, and strategic advisory services. Marcus & Millichap caters to a diverse client base, including private investors, high-net-worth individuals, family offices, middle-market operators, and institutional investors, facilitating transactions across various property types such as multifamily, retail, office, industrial, hospitality, and self-storage. The company operates through specialized divisions like Institutional Property Advisors (IPA) and IPA Capital Markets, which focus on larger transactions and capital solutions.

Hessam Nadji serves as the President and CEO of Marcus & Millichap, Inc., with George M. Marcus as the Co-Founder and Chairman. The company is publicly traded on the New York Stock Exchange under the ticker symbol MMI. In 2025, Marcus & Millichap reported revenue growth of 8.5% and executed nearly 9,000 transactions totaling over $50 billion in sales and financing volume, maintaining its position as a leading investment brokerage by transaction count. The firm has been actively reorganizing its leadership team to enhance sales and streamline decision-making, reflecting its commitment to strengthening market leadership and client service across its extensive network of over 80 offices and 1,800 professionals throughout the U.S. and Canada.

Latest updates

Phoenix BTR Sale Signals Continued Investor Interest in Suburban Housing

Event summary

  • Marcus & Millichap brokered the $45.85 million sale of Grandstone at Sunrise, a 140-unit build-to-rent (BTR) multifamily property in Peoria, Arizona.
  • The sale price equates to $327,500 per unit, completed in 2021.
  • The property is located near significant retail and employment centers, including the Deer Valley Corridor and I-17.
  • Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer.

The big picture

The sale of Grandstone at Sunrise underscores the growing popularity of build-to-rent housing in suburban markets, particularly in the Southwest. This trend is fueled by a desire for single-family living without the responsibilities of homeownership, and the deal's $45.85 million value demonstrates continued investor appetite for this asset class. While Phoenix remains a hot market, broader economic conditions and interest rate fluctuations will ultimately dictate the pace of future BTR development and investment.

What we're watching

Market Dynamics
The continued demand for BTR properties in Phoenix suggests that lifestyle preferences driving this trend are likely to persist, but rising interest rates could temper future transaction volumes.
Valuation Risk
The $327,500 per unit price point will serve as a benchmark for future BTR transactions in the Phoenix area, and any significant deviation could signal a shift in investor sentiment.
Location Dependence
The property's proximity to major employers and retail centers highlights the importance of location in driving BTR demand, and future developments will likely prioritize similar accessibility.

Brentwood Multifamily Sales Fetch Record Prices Amidst LA Market Selectivity

Event summary

  • Marcus & Millichap brokered the sale of two multifamily properties in Brentwood, Los Angeles, totaling 61 units for $46.35 million.
  • The transaction represents a new benchmark for price per unit in Brentwood, occurring within a limited pool of five multifamily sales in 2026.
  • The Azzi Group at Marcus & Millichap secured over 10 offers, contracts in under 20 days, and closed the deals in less than 60 days.
  • Tony Solomon notes the Los Angeles multifamily market is highly selective due to elevated financing costs and disciplined underwriting.

The big picture

The Brentwood sales highlight the resilience of high-barrier, supply-constrained markets even amidst broader economic headwinds. While overall Los Angeles multifamily volume has recovered, the selectivity of buyers and the impact of financing costs are creating a two-tiered market. Marcus & Millichap's ability to generate competitive tension and secure a premium price underscores the value of specialized brokerage expertise in navigating these conditions.

What we're watching

Market Segmentation
The divergence between Brentwood's performance and broader LA submarkets suggests continued segmentation based on supply constraints and desirability, which could impact pricing strategies elsewhere.
Financing Costs
The continued impact of elevated financing costs on transaction activity will likely remain a key determinant of deal flow and pricing, potentially limiting overall market volume.
Execution Risk
The Azzi Group's rapid deal execution (offers, contracts, closing) demonstrates a capability that other brokers will attempt to replicate, potentially increasing competition and compressing timelines.

Westwood Student Housing Portfolio Trades for $62.6 Million

Event summary

  • Marcus & Millichap brokered the $62.6 million sale of the 153-unit Axiom Westwood student housing portfolio in Los Angeles.
  • The portfolio, comprising four buildings, represents the largest unit count sale in Westwood since 2020.
  • The buyer, a private multifamily investor, intends to focus on operational improvements and strategic enhancements.
  • The portfolio is located adjacent to UCLA and benefits from proximity to Westwood Village amenities and transportation links.
  • UCLA plans to increase enrollment by over 6% by 2030, despite limited new bed supply.

The big picture

The sale highlights the ongoing demand for student housing assets in high-demand university markets, even as construction of new supply lags behind enrollment growth. The transaction’s focus on operational improvements suggests a belief that existing assets can still generate significant value through targeted investments. The $62.6 million deal size underscores the continued institutional interest in the Los Angeles multifamily market, particularly in well-located, established submarkets like Westwood.

What we're watching

Enrollment Impact
Increased UCLA enrollment, coupled with constrained housing supply, will likely continue to drive pricing pressure and demand for existing student housing assets in Westwood.
Operational Execution
The buyer's ability to implement the planned operational improvements and strategic enhancements will be a key determinant of the portfolio’s future performance and ROI.
Market Dynamics
The limited supply of new student housing beds in Los Angeles, despite rising enrollment, suggests that Westwood’s market dynamics may remain favorable for existing property owners, but also creates a risk of overvaluation.

Marcus & Millichap Arranges $44 Million Multifamily Financing in Los Angeles

Event summary

  • Marcus & Millichap's IPA Capital Markets secured $44 million in financing for two luxury multifamily properties in Los Angeles.
  • Moderno Axis received $28.3 million, while Moderno La Granada Hills secured $15.7 million.
  • The financing consists of five-year fixed-rate, non-recourse loans with full-term interest-only and no lender origination fees.
  • Interest rates were locked at 5.40% for Moderno Axis and 5.60% for Moderno La Granada Hills.
  • Anita Paryani-Rice, Senior Managing Director, secured the financing on behalf of a private client.

The big picture

This $44 million financing underscores the continued institutional interest in Los Angeles multifamily, despite broader economic uncertainties. The favorable terms secured – full-term interest-only and no origination fees – indicate a competitive lending environment and strong asset quality. Marcus & Millichap, with $50.8 billion in sales volume in 2025, continues to leverage its IPA Capital Markets division to capture a share of this activity, demonstrating its role as a key intermediary in the commercial real estate market.

What we're watching

Interest Rate Sensitivity
The fixed-rate structure provides some insulation, but future financing rounds will be heavily influenced by prevailing interest rate trends and their impact on investor appetite for multifamily assets.
Client Strategy
The long-term strategy alignment mentioned suggests a potentially complex client relationship; monitoring future deals will reveal the extent to which IPA Capital Markets is acting as a strategic advisor beyond simple financing.
Market Demand
While the press release highlights strong demand, continued observation of Los Angeles multifamily investment activity is crucial to determine if this represents a sustainable trend or a temporary surge.

Brentwood Multifamily Asset Trades for $49.5M, Highlights Capital Flow

Event summary

  • Institutional Property Advisors (IPA) brokered the $49.494 million sale of Luxe Villas, a 60-unit multifamily property in Brentwood, Los Angeles.
  • The property traded at $824,900 per unit, a high price point for the submarket.
  • IPA also arranged acquisition financing for the buyer, TruAmerica Multifamily.
  • The property includes 18 co-living suites created from reconfigured three-bedroom units.
  • This transaction is one of only three post-2000 built assets of 50-plus units to trade in Brentwood in the last 25 years.

The big picture

The transaction highlights the ongoing institutional interest in Los Angeles’s high-income multifamily submarkets, particularly Brentwood. The deal’s size ($49.5 million) and the aggressive pricing reflect a continued appetite for premium assets despite broader economic uncertainties. TruAmerica’s acquisition signals their continued focus on value-add multifamily opportunities in high-barrier-to-entry markets.

What we're watching

Price Dynamics
The high price per unit achieved at Luxe Villas suggests continued demand for high-end multifamily assets in Los Angeles, but may also indicate a potential ceiling for pricing in the Brentwood submarket.
Co-living Trend
The conversion of units to co-living spaces demonstrates a strategic response to evolving tenant preferences, but the long-term viability of this model depends on sustained demand and operational efficiency.
Capital Markets
While IPA cites a 'deep pool of capital,' continued monitoring of agency lending terms and interest rate movements will be crucial to assess the sustainability of aggressive financing terms for similar assets.

Central Coast Multifamily Asset Trades for $75M, Signals Affordable Housing Shift

Event summary

  • Marcus & Millichap’s IPA division brokered the $75 million sale of Hancock Terrace, a 272-unit multifamily property in Santa Maria, California.
  • The property traded at $275,735 per unit, representing a significant transaction for Santa Barbara County.
  • The seller, HT Partners, L.P., was the original developer of the 2016-built asset.
  • The buyer, Step Up Housing, intends to convert the property to affordable housing, in partnership with Sack Capital Partners and Align Financing Partners.

The big picture

The sale of Hancock Terrace, a relatively large suburban core asset, demonstrates ongoing investor appetite for multifamily properties in California, even as the state grapples with affordability challenges. The buyer’s plan to convert the property to affordable housing reflects a broader trend of institutional investors incorporating social impact considerations into their real estate strategies. This $75 million transaction, facilitated by IPA, is a notable event within the context of the broader $50.8 billion in commercial real estate sales handled by Marcus & Millichap in 2025.

What we're watching

Affordability Trends
The conversion to affordable housing suggests increasing investor interest in this sector, potentially driven by government incentives and social impact mandates, which could impact cap rates and competition for similar assets.
Capital Flows
The involvement of Sack Capital Partners and Align Financing Partners indicates continued institutional capital seeking exposure to the California multifamily market, despite broader economic uncertainties.
Brokerage Dynamics
IPA’s emphasis on a ‘rigorous vetting process’ highlights the ongoing competition among brokerage firms to secure deals and underscores the value placed on certainty of execution in large transactions.

Marcus & Millichap Revenue Growth Slows Amid Market Disruption

Event summary

  • Marcus & Millichap reported preliminary Q4 2025 revenue of $244.0 million, a 1.6% increase YoY.
  • Full-year 2025 revenue reached $755.2 million, up 8.5% year-over-year.
  • Private Client Market brokerage revenue increased significantly (10.3% in Q4, 11.1% for the year), while Middle Market and Larger Transaction Market revenue declined (15.8% in Q4, 1.3% for the year).
  • The company reported a net loss of $1.9 million for the full year 2025, compared to a $12.4 million loss in 2024, alongside a 162.6% increase in Adjusted EBITDA.

The big picture

Marcus & Millichap's results highlight a bifurcated commercial real estate market, where smaller transactions are thriving while larger deals remain constrained by pricing uncertainty. The company's focus on the Private Client Market, representing over 80% of U.S. commercial property transactions, provides a significant advantage, but the overall revenue growth slowdown indicates broader market disruption. The substantial increase in Adjusted EBITDA suggests operational improvements are offsetting some of the revenue headwinds, but the net loss underscores the ongoing challenges in the sector.

What we're watching

Market Dynamics
The divergence in performance between the Private Client and Middle Market segments suggests a shift in investor behavior and deal sizes, which could impact future revenue mix and strategic priorities. How the company navigates this shift and leverages its Private Client strength will be crucial for sustained growth.
Cost Management
While cost controls contributed to improved profitability, the increase in cost of services as a percentage of revenue warrants monitoring. Whether these cost increases are sustainable or will pressure margins in the future is a key risk.
Macro Risks
The company's outlook is contingent on overcoming near-term challenges related to interest rates, inflation, and geopolitical uncertainty. The pace at which these macroeconomic factors stabilize will significantly influence transaction velocity and overall market sentiment.

Northshore Development Acquires Baton Rouge Hilton for $40.5 Million

Event summary

  • Marcus & Millichap facilitated the $40.5 million sale of the Hilton Baton Rouge Capitol Center.
  • The transaction, involving multiple stakeholders, spanned a year.
  • Northshore Development, based in Orlando, Florida, acquired the 291-room hotel.
  • The hotel is located in downtown Baton Rouge and overlooks the Mississippi River.
  • Marcus & Millichap closed $49.6 billion in sales volume across 7,836 transactions in 2024.

The big picture

The acquisition highlights continued investor interest in Louisiana hospitality, particularly in markets anchored by institutions like LSU. The deal's complexity and year-long duration suggest challenges in the current market environment, potentially related to financing costs or valuation discrepancies. Marcus & Millichap's involvement underscores its role as a key facilitator in the commercial real estate investment landscape, handling a significant volume of transactions annually.

What we're watching

Repositioning Risk
The stated plan for repositioning the hotel carries execution risk, particularly given the LSU-anchored market's sensitivity to economic shifts and changing student demographics.
Capital Deployment
Northshore Development's strategy for the asset will reveal its broader investment thesis and appetite for Louisiana hospitality assets, given its Orlando base.
Brokerage Performance
The complexity of this year-long transaction will be scrutinized to assess Marcus & Millichap's ability to handle intricate deals and maintain its market position.

Glendale Multifamily Refinancing Secures $52 Million Loan

Event summary

  • Marcus & Millichap's IPA Capital Markets arranged $52 million in financing for the Arista Glendale multifamily property.
  • The property, located in Glendale, California, comprises 98 luxury units.
  • The loan is non-recourse, features a five-year interest-only term, and represents a 67.5% loan-to-value.
  • Stefen Chraghchian, Senior Director at IPA Capital Markets, secured the financing.

The big picture

This $52 million refinancing underscores continued institutional interest in the Glendale multifamily market, despite broader concerns about rising interest rates and potential economic slowdowns. The deal's structure – non-recourse and interest-only – reflects a degree of lender confidence and potentially competitive financing conditions. Marcus & Millichap's IPA Capital Markets continues to facilitate significant transactions, demonstrating its role as a key player in commercial real estate capital markets.

What we're watching

Interest Rates
The 67.5% LTV and interest-only structure suggests a favorable rate environment, but future rate increases could impact the property's profitability and borrower's ability to refinance.
Glendale Market
Glendale's multifamily market dynamics will be crucial; any slowdown in rent growth or increased vacancy could pressure the property's value and debt service coverage.
IPA Expansion
Given IPA Capital Markets' focus on institutional clients, the success of this deal may indicate broader expansion plans within Marcus & Millichap's capital markets division.

Manhattan Office Conversion Secures $93.5M Financing Amid NYC Incentive Push

Event summary

  • IPA Capital Markets, a division of Marcus & Millichap, arranged $93.5 million in construction financing for the conversion of 830 Third Avenue in Manhattan.
  • The project involves converting a 13-story office building (147,101 sq ft) into 188 rental apartments.
  • The development will leverage New York State’s 467-m affordable housing office-to-residential conversion tax incentive program.
  • IPA Capital Markets closed $913 million in office-to-residential conversions in NYC during 2025.
  • The financing team included Marko Kazanjian, Max Herzog, Max Hulsh and Andrew Cohen.

The big picture

The deal highlights the ongoing trend of office-to-residential conversions in New York City, driven by excess office space and state incentives. Marcus & Millichap’s IPA Capital Markets is actively facilitating this shift, demonstrating a significant role in the city’s real estate financing landscape. The $93.5 million financing underscores the continued investor interest in adaptive reuse projects, but also introduces a dependency on government programs.

What we're watching

Incentive Dependence
The project's reliance on a specific state tax incentive program introduces risk; changes to the 467-m program could impact future conversions and profitability.
Conversion Velocity
The pace at which Marcus & Millichap can deploy its $913 million 2025 office-to-residential conversion pipeline will indicate the firm’s capacity and appetite for similar deals.
Market Saturation
Increased office-to-residential conversions in Manhattan could eventually lead to oversupply and impact rental rates, requiring careful assessment of local demand.

Marcus & Millichap Secures $96.7M Industrial Portfolio Financing

Event summary

  • Marcus & Millichap’s IPA Capital Markets arranged $96.7 million in financing from Bank OZK.
  • The financing supports a Northern Illinois industrial portfolio comprising over 650,000 square feet.
  • The portfolio includes two stabilized buildings and a third facility currently under construction.
  • Bank OZK’s Real Estate Specialties Group (RESG) originated approximately $39.57 billion in new loans over the five years ended September 30, 2025.

The big picture

This transaction highlights the ongoing demand for industrial space, particularly build-to-suit facilities catering to pharmaceutical services. The cross-collateralization strategy employed by Marcus & Millichap and Bank OZK demonstrates a common approach to financing development projects, leveraging stabilized assets to de-risk new construction. The deal size, while substantial, is relatively small compared to Bank OZK's overall origination volume, suggesting a targeted approach to specific industrial niches.

What we're watching

Tenant Credit
The deal's reliance on a tenant with 'strong credit fundamentals' suggests a premium pricing structure; monitoring the tenant's financial health will be crucial for assessing the portfolio's long-term viability.
Construction Risk
The financing is partially intended to support the construction of a new facility, introducing construction risk that could impact the portfolio's overall performance and debt service coverage.
Lender Appetite
Bank OZK’s willingness to provide non-recourse financing for a sponsor-developed portfolio indicates continued appetite for industrial assets, but the terms and conditions will be a key indicator of future lending trends.
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