Marcus & Millichap Inc.
09/25/2025 | Press release | Archived content
Marcus & Millichap Completes $5.5M Multifamily Portfolio Sale in Norfolk, Virginia
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Marcus & Millichap Completes $5.5M Multifamily Portfolio Sale in Norfolk, Virginia
September 25, 2025
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NORFOLK, Va., Sept. 25, 2025 - 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 Bayview Apartments and Meadow Brook Terrace, a two-property multifamily portfolio in Norfolk, Virginia, for $5.5 million.
"The transaction's marketing process was proof of the market's renewed strength. Within the first two weeks of tours, our team procured five qualified offers from five separate tours, allowing the seller to move into an expedited best-and-final process by week three of marketing," said Altay Uzun, director investments in Marcus & Millichap's Hampton Roads office. "That competitive process drove pricing 5.5% above list, with the winning buyer providing a day-one nonrefundable deposit, a true win for our seller. We are confident the new owner will continue this momentum by executing their locally proven value-add strategy."
Uzun, along with Justin Ferguson and Jack Carroll of the Uzun Group of Marcus & Millichap represented the seller and procured the buyer, EF Capital.
"The buyer has completed several other value-add renovations on apartments throughout Norfolk, incorporating bold designs and premium finishes. We know the community will benefit from their investment," Uzun added.
Bayview Apartments, located at 719-723 E. Bayview Boulevard, includes 40 units across four two-story buildings built in 1964. The property totals 50,240 square feet, with an average unit size of 731 square feet. The mix includes six one-bedroom units and 34 two-bedroom units, situated on 1.42 acres.
Meadow Brook Terrace, located at 1524 Longdale Drive, consists of 26 units across two two-story buildings built in 1979. The 24,720-square-foot property offers an average unit size of 748 square feet, with nine one-bedroom units and 17 two-bedroom units on 0.90 acres.
"The transaction's marketing process was proof of the market's renewed strength. Within the first two weeks of tours, our team procured five qualified offers from five separate tours, allowing the seller to move into an expedited best-and-final process by week three of marketing," said Altay Uzun, director investments in Marcus & Millichap's Hampton Roads office. "That competitive process drove pricing 5.5% above list, with the winning buyer providing a day-one nonrefundable deposit, a true win for our seller. We are confident the new owner will continue this momentum by executing their locally proven value-add strategy."
Uzun, along with Justin Ferguson and Jack Carroll of the Uzun Group of Marcus & Millichap represented the seller and procured the buyer, EF Capital.
"The buyer has completed several other value-add renovations on apartments throughout Norfolk, incorporating bold designs and premium finishes. We know the community will benefit from their investment," Uzun added.
Bayview Apartments, located at 719-723 E. Bayview Boulevard, includes 40 units across four two-story buildings built in 1964. The property totals 50,240 square feet, with an average unit size of 731 square feet. The mix includes six one-bedroom units and 34 two-bedroom units, situated on 1.42 acres.
Meadow Brook Terrace, located at 1524 Longdale Drive, consists of 26 units across two two-story buildings built in 1979. The 24,720-square-foot property offers an average unit size of 748 square feet, with nine one-bedroom units and 17 two-bedroom units on 0.90 acres.
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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. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on September 25, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 02, 2025 at 18:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]