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 Elmtree Townhouse Apartments, a 97-unit apartment property located in Martinsburg, WV, according to Sean Beuche, regional manager of the firm's Philadelphia office. The asset sold for $10,000,000.

Dana Newton and Mike Maxwell, investment specialists in Marcus & Millichap's Philadelphia office, had the exclusive listing with Francis McGuire, Broker of Record, to market the property on behalf of the seller, a private investor. The buyer, another private investor, was secured and represented by the same team in closing this transaction.

Elmtree Townhouse Apartments is located at 125 Winslow Dr in Martinsburg, WV. Providing color on the timeline of the closing throughout the COVID-19 pandemic, Dana Newton offered, "The quality of this asset's recent construction, stable tenancy, and desirable location are apparent, given that this investment opportunity drew significant interest, multiple offers from across the country, and a compressed closing timeframe of approximately sixty days from beginning to end in the midst of a global lockdown".

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.