“Rising 19 stories just one block from San Jose State University, The Grad is a modern, Class A high-rise in the heart of Silicon Valley, a market with deep demand, compressed cap rates and significant barriers to entry,” said Peter Katz, IPA executive managing director investments. “At the time of sale, the property was 100% occupied for the second consecutive leasing season, with strong renewal activity supported by Fresno-based property manager BEKK Inc.” Katz, in association with Tony Solomon, Marcus & Millichap’s California broker of record, represented the sellers, AMCAL, Swenson and Tikehau Capital, and procured the buyer, a joint venture between Coastal Ridge Real Estate and Brookfield.

“Institutional demand for student housing remains strong, particularly for assets serving large universities where enrollment continues to grow,” said Andrew Leahy, IPA senior managing director. “The Grad’s location and scale next to San Jose State attracted institutional capital in the sector.”

“The Grad's pedestrian-to-campus location, newer-vintage construction and resort-style amenity package provide the buying entity with a high-quality, irreplaceable asset positioned for operational upside in one of the nation's most supply-constrained housing markets,” Katz added.

Completed in 2020, The Grad offers fully furnished one- to four-bedroom floor plans, most with private bedrooms and private bathrooms, along with fully equipped kitchens with stainless-steel appliances and in-unit washers and dryers. Community amenities include a resort-style pool and spa with cabanas, a 24-hour fitness center with spin and yoga studios, study lounges on every floor, a penthouse sky deck, an outdoor movie screen, sports courts and grilling stations.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com

About Marcus & Millichap

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices at year end.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

The non-recourse loan features a five-year term, a 70% loan-to-value ratio, a 6.75% interest rate and interest-only payments throughout the loan term.

“This financing reflects the continued strength of well-located industrial assets and the durability of lender demand for stabilized portfolios with strong fundamentals,” said Montalto. “We were pleased to secure non-recourse financing with competitive leverage and pricing that supports the sponsor’s long-term business plan across these markets.”

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

TORONTO--(BUSINESS WIRE)-- Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced that its Preferred Partner relationship with Brown & Brown, Inc. (NYSE: BRO), one of the world’s largest insurance brokerage firms, has expanded into Canada.

Marcus & Millichap has operated in Canada since 2013 and has established a commercial real estate platform across major markets in the country. Brown & Brown has established a growing Canadian presence, with operations that support customers nationwide.

“Our Canadian professionals have built a strong platform by combining local market expertise with the reach and resources of Marcus & Millichap’s broader North American network,” said Richard Matricaria, chief growth officer of Marcus & Millichap. “Expanding our relationship with Brown & Brown provides our professionals and clients with additional specialized experience to help evaluate insurance considerations earlier in the investment process and manage risk throughout the investment lifecycle.”

Through the relationship, Marcus & Millichap clients and investment professionals in Canada will gain streamlined access to Brown & Brown’s insurance, risk and portfolio insights, including support for insurance placement, specialty risk consulting, portfolio analysis and due diligence, as well as resources designed to help investors evaluate acquisition opportunities and operating risks.

“We are excited to expand our relationship with Marcus & Millichap in Canada and highlight the depth of talent and capabilities we already have in the market,” said Dan Cioci, executive vice president and director of Brown & Brown’s National Real Estate Practice. “As insurance costs continue to influence valuation and execution, commercial real estate investors are looking for greater clarity earlier in the transaction process. Our Canadian teammates bring local market knowledge and real estate insurance specialization, supported by Brown & Brown’s broader carrier relationships, specialty market access and real estate platform. Together, we can help investors better evaluate risk, refine assumptions and execute transactions with greater confidence.”

Brown & Brown’s Canadian teams support commercial real estate investors with local market knowledge, insurance placement experience and access to specialized insurance solutions, drawing on the firm’s broader capabilities and resources.

The expansion is part of Marcus & Millichap’s Preferred Partner Program, which connects clients and investment professionals with select providers offering specialized services and expertise.

For more information, visit BBrown.com and MarcusMillichap.com.

About Marcus & Millichap

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices at year end.

About Brown & Brown

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions since 1939. With a global presence spanning more than 700 locations and approximately 23,000 professionals, Brown & Brown provides risk management strategies for businesses and individuals worldwide. Learn more at BBrown.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap

“The Groves gives the buyer a compelling opportunity to build on an established renovation program,” said Philip Assouad, IPA executive managing director. “Since acquiring the asset in 2019, the seller modernized approximately 68% of the units and upgraded community amenities and common areas, enhancing the resident experience while leaving room for further improvements.” Assouad and IPA’s Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino represented the seller, RISE Properties, and procured the buyer, FPA Multifamily, LLC.

The property’s connectivity to Interstates 5 and 405 and State Routes 167, 181, 509, and 516 provides residents with convenient access to Downtown Seattle, Bellevue, Kent Valley, Renton, and Seattle-Tacoma International Airport. The Kent Transit Center and Sounder commuter train, which provide bus and rail service to Downtown Seattle, are approximately two miles from the property. Kent Station, a 20-acre open-air mixed-use development with shopping, dining, entertainment, and office space, is nearby.

Built in 1980 on over 20 acres, The Groves Apartments comprises 30 two- and three-story residential buildings, a newly renovated clubhouse, an outdoor heated swimming pool, a children’s playground, and two dog parks. The property offers one-, two- and three-bedroom apartments with an average unit size of 836 square feet. Each apartment has a private patio or balcony, while the two- and three-bedroom units feature fireplaces.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com

About FPA

FPA Multifamily, a privately held real estate investment firm with over 40 years of experience, specializes in acquiring, managing and repositioning multifamily properties across the United States. With approximately $17 billion in assets under management, FPA Multifamily has transacted on approximately $31 billion worth of assets, including 870 buildings and over 170,000 units, showcasing their expertise in identifying and capitalizing on value-add and core-plus opportunities in major US cities.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

“North Phoenix is positioned to generate tens of thousands of high-earning jobs supporting the world’s most advanced nanometer chip production for companies such as Apple, Sony, Tesla, and Qualcomm,” said Steve Gebing, IPA executive managing director investments. “Within a one-mile radius of Ascend at Black Canyon, average and median annual household incomes are $163,500 and $138,000, respectively.” Gebing and Cliff David, IPA executive managing director investments, represented the seller, D.R. Horton, and procured the buyer, Millburn & Company.

The property is in Phoenix’s Deer Valley urban village close to Interstate 17/Black Canyon Freeway, near the Sonoran Preserve and the Happy Valley Town Center open-air shopping mall. Nearby employers include HonorHealth Sonoran Crossing Medical Center, PetSmart’s corporate headquarters, Honeywell Aerospace, Cox Communications, and American Express.

Completed on over 10 acres in 2024, Ascend at Black Canyon is a controlled-access community with a resort-style swimming pool, 24-hour fitness center, two dog parks and a pet washing station. The unit mix is one-, two- and three-bedroom apartments with stainless-steel appliances, washers and dryers, smart-home technology, dual-pane windows and a private patio or balcony.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.

“Griffis North Creek is an institutional-quality asset situated on nearly 50 acres of land in one of the region’s most dynamic employment hubs, a combination that is increasingly difficult to replicate in today’s market,” said Giovanni Napoli, IPA executive managing director investments. “Griffis Residential completed high-end renovations to 43% of the units and common areas, providing the buyer with a strong foundation and a clear path to upgrade the remaining units. The buyer intends to build on these improvements by continuing renovations throughout the property.” Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero, and Anthony Palladino of IPA represented the seller, Griffis Residential, and procured the buyer, GID.

“Seattle’s Eastside continues to stand out for its concentration of high-paying employment and the long-term demand drivers that support multifamily housing,” said Andrew Leahy, national director of IPA Multifamily. “At the same time, development constraints and the cost of new construction make communities of this scale increasingly difficult to replicate, strengthening the competitive position of established assets such as Griffis North Creek.”

The property is in Bothell’s tech and biomedical corridor within the Seattle area’s Eastside region in a neighborhood with average annual household income over $142,000. Microsoft, Amazon, Google, Meta, and Apple have offices within a short drive. The Canyon Park and Parklands North Creek business centers are nearby, and Alderwood shopping center provides nearby retail and dining options.

Built in 1999, Griffis North Creek is bordered by greenbelts on two sides, and a greenbelt and creek run through the grounds. The property is composed of 23 three-story buildings with stone façades and iron railings. Community amenities include wooded walking trails, pagodas, footbridges, a renovated central clubhouse and lounge, a heated swimming pool and spa, two playgrounds, and a fenced-in dog park. All units have a private deck or patio, full-size washers and dryers, walk-in closets, and linen closets. The unit mix is one-, two- and three-bedroom apartments with an average size of 835 square feet.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com

About Marcus & Millichap

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices at year end.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap

Marko Kazanjian, senior managing director in the firm’s Fort Lauderdale office secured the financing with Pearlmark Real Estate Partners on behalf of the client, a joint-venture partnership between Ora Development Group, a developer of workforce housing communities, and Conconcreto, a publicly traded construction services and development company headquartered in Medellin, Colombia.

The 274,063 square foot development, located at 17210 Homestead Avenue, will feature 192 residential units ranging from one to three bedrooms. Amenities will include a rooftop pool, gym, basketball and pickleball courts, elevators, meeting rooms and a 224-space parking garage. The project is located adjacent to the South Dade TransitWay, a dedicated 20-mile bus rapid transit (BRT) corridor connecting Homestead to Dadeland. Residents will have access to a nearby station, with connections to Metrorail at Dadeland Station for access to downtown Miami, Brickell, and the broader urban core. Construction began in July 2026 and is expected to be completed in December 2027.

“Lyra Palmetto Bay represents the type of thoughtfully designed, transit-oriented housing that Miami-Dade needs as affordability pressures continue to push middle-income renters farther from the urban core,” said Kazanjian. “The project combines a highly amenitized residential experience with compelling public-sector incentives, strong South Dade demand fundamentals and an experienced sponsorship team, positioning it to deliver much-needed attainable housing while creating a durable financing opportunity.”

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. At year-end, the company had 1,808 investment sales and financing professionals in more than 80 offices providing investment brokerage and financing services to commercial real estate sellers and buyers. For additional information, visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap

“The quality of construction and maintenance of these two properties attracts and retains the most discerning renters, and previous ownership was meticulous in their upkeep and reinvestment,” said Anthony Palladino, IPA senior director investments. “With an average occupancy rate of 96.5% over the last five years, Corvallis is often among the strongest apartment markets in the state. Talent, a suburb of Medford, benefits from the region’s population growth, which by 2045 is expected to increase by over 31,000 new residents.”

Palladino, Philip Assouad, Giovanni Napoli, Ryan Harmon, and Nick Ruggiero of IPA, in association with David Tabata, Marcus & Millichap’s broker of record in Oregon, represented the seller, Bender Equities, and procured the buyer, Verdant Development Inc.

“Investor demand for well-located multifamily assets with durable operating fundamentals remains strong, particularly in markets where new supply is limited,” said Andrew Leahy, national director of IPA Multifamily. “These transactions demonstrate the depth of capital seeking opportunities in established Pacific Northwest markets and investors’ continued confidence in the long-term performance of the multifamily sector.”

Oak Vale is a 31-building property built in 1973 and 1995 on more than 16 acres a short drive from Oregon State University. The community has a park-like setting with paved walking trails that connect to the Benton County park and trail system. Amenities include a lounge, game room, fitness center, movie theater, and outdoor sport court. The unit mix of one-, two- and three-bedroom apartments averages 767 square feet.

Anjou Club was completed in 1990 on nearly 14 acres near Southern Oregon University. The 22-building property has a mix of one-, two- and three-bedroom floor plans across three layout types: flats, townhomes, and garden flats. The average unit size is 950 square feet. Community amenities include a large clubhouse, heated outdoor swimming pool, tennis court, basketball court, play structure, and outdoor seating areas.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. At year-end, the company had 1,808 investment sales and financing professionals in more than 80 offices providing investment brokerage and financing services to commercial real estate sellers and buyers. For additional information, visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap

Bobby Werhane, managing director with IPA Capital Markets, led the transaction on behalf of the property’s ownership group, with support from Scott Raasch, IPA Capital Markets senior director, both based in the firm’s Charlotte office. The team structured a capital stack comprising four sources, two of which represented new lending relationships for the sponsor.

The recapitalization included $44 million in Commercial Property Assessed Clean Energy (C-PACE) financing from Nuveen Green Capital, $24.8 million in construction debt from City National Bank, $6.3 million in bridge financing from Midland States Bank, and historic tax credit equity financing from PNC Bank.

The Monroe has a total project cost of $125.5 million. Scheduled to open in 2027 after a comprehensive renovation, the five-star boutique hotel will feature 15 suites ranging from 488-square-foot junior suites to a 1,257-square-foot presidential suite; a 5,000-square-foot, full-service restaurant and bar; a rooftop bar and event venue with panoramic views of the Faena District; an in-house recording studio; a pool and deck with outdoor dining; private beach service through Boucher Brothers property management company; and a full-service spa and fitness center.

“This was a complex, multisource recapitalization, and completing it required creativity and strong relationships across the capital stack,” Werhane said. “We’re proud to have delivered a structure that positions The Monroe for a successful opening, and we appreciate the sponsor’s trust and partnership throughout the process.”

Located a 10-minute walk north of South Beach, the Faena District was officially designated in 2014 as one of Miami Beach’s most coveted cultural destinations. It is known for its ultraluxury hotels, upscale residences, and thriving arts and fashion scene.

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. At year-end, the company had 1,808 investment sales and financing professionals in more than 80 offices providing investment brokerage and financing services to commercial real estate sellers and buyers. For additional information, visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap

Brandon Roth, managing director in the firm’s Palo Alto office, worked with Adam Mengacci and Travis Headapohl in Dallas to secure the loan on behalf of a private client. The non-recourse bridge financing features a three-year initial term with loan proceeds sized to 80% stabilized loan-to-value and a 6.45% stabilized debt yield.

“Lenders provided nine floating-rate and six fixed-rate quotes for this financing opportunity, demonstrating the tremendous lender appetite for newer-vintage multifamily properties across the Sunbelt,” said Roth.

Birwood Heights was delivered in March 2019 and offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances, kitchen islands and in-unit washers and dryers. Shared amenities include a resort-style swimming pool, fitness center, outdoor grilling areas, and resident lounges.

Located near Loop 1604 and Northwest Military Highway, Birwood Heights offers residents convenient access to Interstate 10, the North East Independent School District and major employment, education, healthcare, retail, and entertainment destinations. Nearby demand drivers include USAA’s headquarters, the South Texas Medical Center, and The University of Texas at San Antonio, while The Rim and The Shops at La Cantera provide shopping, dining, and entertainment options. The property is well positioned within Northwest San Antonio’s established employment and commercial corridor.

About IPA Capital Markets

IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com

Source: Marcus & Millichap, Inc.