Firm Intelligence·institutional

Marcus & Millichap

Executives8

Quotes13

ActivityMar 11 – Apr 3

Investment Philosophy

In some cases for the same asset that may have sold 12 months ago at one price, today actually could be worth more just from cap rate compression. This acquisition enabled the investor to consolidate into a core, stabilized multifamily asset while resetting depreciation and enhancing long-term cash flow. The property’s secure and stable long-term tenants provide the buyer with strong cash flow, and there is upside to be gained through the lease-up of the vacant commercial spaces.

Strategic Direction

The firm emphasizes competitive marketing processes that generate multiple offers and exceed pricing expectations, as seen in transactions with over 14 written offers and simultaneous contracts.

Investors are redeploying capital from stabilized assets into development opportunities, highlighting a focus on long-term upside.

Strong fundamentals like high occupancy, rent growth, and limited supply drive demand in key sectors despite macro concerns.

Contrarian View

Bullish on CRE transaction activity and sector fundamentals despite internal warnings on inflation, interest rates, and geopolitical risks.

Sector Positioning

Development

bullish

Liquidation of assets to redeploy into large development opportunities and continued investor demand for multi-parcel developments in lower price-point areas.

Key Executives

Hessam Nadji

CEO

CEO of the largest CRE brokerage firm by transaction count. His market outlook reports are widely followed for middle-market CRE trends.

Evan Griffith

Senior Managing Director

David Cornejo

Marcus & Millichap

Don McMinn

Marcus & Millichap

Adam Levin

Executive Managing Director

Nathan Coe

Senior Managing Director Investments

Kyle Stengle

Senior Managing Director

Tony Pepdjonovic

Senior Managing Director

Notable Quotes

Hessam Nadji

Marcus & Millichap

“But six more months of what we're seeing in the Middle East, and the effect on interest rates and inflation could start to disrupt that — to say nothing about the impact on consumers and, ultimately, companies in terms of their hiring decisions.”

Tier 2

John Chang

Marcus & Millichap

“The odds of a rate cut by the end of 2026 is down to 2.9%. And the more concerning figure is that the odds of a rate increase by the Federal Reserve has gone up to 26 almost 27%.”

interest ratesmonetary policy

Andrew Margulies

Marcus & Millichap

“In some cases for the same asset that may have sold 12 months ago at one price, today actually could be worth more just from cap rate compression.”

Investment Returns

Tier 2

Kyle Stengle

Marcus & Millichap

“Fundamentals are strong, capital markets are plentiful. Chicago is experiencing high occupancy with a rent-growth story with limited new supply.”

Leasing & Occupancy

Recent Activity

MF1 Lends $81M for Baltimore-Area Apartment Portfolio

articleYesterday

Key Themes

Cap Rate Compression
Competitive Bidding Processes
Stabilized Asset Consolidation
Development Redeployment
Self-Storage Demand

Topics Discussed

interest ratesmonetary policyInvestment ReturnsLeasing & Occupancyinvestor demandlower price-point assetsinflationconsumer spendingMacro EconomyDevelopment

Deal Network

Network building — connections appear as more deals are tracked

Sentiment Trajectory

Mar 15

Mar 22

Mar 29

Bullish Bearish Cautious Neutral

Activity Snapshots

Mar 1

deals

Apr 1

deals

End of Firm Intelligence · 13 Quotes · 8 Executives