Marcus & Millichap : Announces $7.8 Million Sale of Multifamily Property in Maryland

BERLIN, Md., April 3, 2024 - 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 Bay Street Estates, a 56-unit multifamily property located in Berlin, Maryland. The property sold for $7,800,000, or $139,286 per unit.

"This was a great transaction that highlights our commitment to delivering exceptional value to our clients through a competitive marketing process," said Theo Jolley, associate. "Our experience in handling the multitude of tasks involved in taking a deal from contract to the closing table played a pivotal role in ensuring the success of this transaction."

Jolley, Altay Uzun, Justin Ferguson and Jack Carroll, investment specialists in Marcus & Millichap's Hampton Roads office, had the exclusive listing to market the property on behalf of the seller, BAY STREET ESTATES LLC, and procured the buyer, ROSE PETAL LLC. Brian Hosey, Broker of Record in Maryland, assisted in closing the transaction.

Located at 509 Bay St., Bay Street Estates consists of 56 units with a mix of two- and three-bedroom floorplans. Built between 1989 and 1990, the property sits just a few miles inland from Ocean City, Maryland, offering proximity to the attractions and beaches of the popular vacation destination.