CLEVELAND—Marcus & Millichap’s Institutional Property Advisors division, which specializes in serving institutional and major private real estate investors, has IPA Midwest-Multifamily. Senior directors Michael Barron and Daniel Burkons and director Joshua Wintermute will lead the new group.
“The Midwest has continued to emerge as a favorable investment market due to its overall stability and generally higher yields compared to that of the coastal markets,” Burkons says. “Expanding the firm’s IPA brand in this part of the country will not only enable institutional clients to leverage our team’s specialization and experience in the region, but also provide our major private clients with greater access to institutional inventory and resources.”
Burkons and his colleagues opened Marcus & Millichap’s Cleveland office 15 years ago and have since expanded their brokerage business throughout Ohio and its neighboring states. They are approaching 42,000 apartment units sold across 14 states, totaling over $1.8 billion.
“Expanding our IPA Multifamily services in the Midwest deepens the division’s presence in the heartland and provides area multifamily investors with enhanced access to our full range of services,” says Hessam Nadji, president and CEO of Marcus & Millichap. “Mike, Dan, and Josh’s track records of success and in-depth knowledge of Ohio and other Midwest markets will be of considerable benefit to our clients in the region and throughout the country.” Adds Jeffery Nationals, national director of IPA Multifamily, “The Midwest is an area of strategic importance; we are looking to grow our market share in this region over the coming years.”
IPA Midwest-Multifamily currently has 10 professionals, and it’s poised to develop and grow institutional business and create new synergies for clients with the IPA Midwest-Retail team while expanding on transactions in the private client market. The IPA Midwest-Multifamily team’s current inventory, which includes properties actively being marketed and under contract, consists of more than 4,325 units with an aggregate value of about $240 million.