Marcus & Millichap Company
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Marcus & Millichap Real Estate Investment Services
Founded in 1971, the firm marked the first initiative of Marcus & Millichap's pioneering approach to creating a diversified family of companies to service and lead the real estate industry. Our goal from the start was to go far beyond typical real estate brokerage service offerings and to reinvent the way real estate transactions were facilitated. In the process, we strived to create a new platform that expanded investment choices for the buyer and maximized value for the seller. Today, Marcus & Millichap Real Estate Investment Services is:
- The largest national firm specializing in commercial real estate investment sales, financing, research and advisory services with 70 offices and 1,400 investment professionals.
- The leading firm in U.S. commercial real estate investment sales.
- Recognized as a leading source of real estate research and analysis.
- The most effective firm in connecting private capital with institutional real estate.
Marcus & Millichap Real Estate Investment Services was founded on several unique characteristics:
From the outset, the firm set out to revolutionize the entire process of evaluating, underwriting and marketing investment real estate by adapting technological advancement. Marcus & Millichap was first to introduce a centralized database system enabling agents to match buyers and sellers. Our commitment to constant reinvention keeps the firm on the leading edge of real estate technology.
By dedicating all of its focus, resources and training to real estate investment services, the firm offers an unmatched level of experience and expertise.
The firm's investment specialization and submarket focus result in relationships with more private and institutional investors than any other source.
As important as technological advancements, the company was the first to mandate a culture of information sharing among its agents and offices. This ultimately powers the firm's technological applications with real–time information and connects more buyers and sellers than ever before.
Marcus & Millichap's dominance in the private investor market results in substantial capital seeking larger, institutional properties. Our specialty groups have long-term relationships with the nation's most prominent institutions and assists them in market analysis, acquisition and disposition of properties nationally.
The firm's national sales force, the largest in the industry, is trained and supervised by a management team with an average experience of 17 years. These managers focus solely on agent support and service oversight for clients.
Essex Property Trust (NYSE: ESS)
www.essexpropertytrust.com
One of Marcus & Millichap’s earliest companies was Essex Property Corporation, which is now one of the most respected publicly traded real estate investment trusts (REIT) in the U.S. Essex Property Trust is a fully integrated REIT that acquires, develops, redevelops and manages multi-family residential properties in selected West Coast communities. The company currently has ownership interests in 133 multi-family properties (26,963 apartment homes), and has 1,079 units in various stages of development.
Founded in 1971, Essex became a public company in 1994 and has led the multi-family REIT industry with the highest historical total return while achieving 13 consecutive years of dividend growth and being among the top 5 percent of all public REITs. These key accomplishments are a reflection of the company's pioneering business practices, which have greatly influenced the evolution of the U.S. public REIT market.
Essex was founded with a charter to bring quality rental housing alternatives to supply-constrained markets and submarkets within select West Coast metropolitan areas. Through numerous cycles and otherwise tempting opportunities to step outside of its geographic focus, Essex's steadfast focus on this charter has proven to be extremely effective at producing optimum results.
By specializing in select geographic markets, Essex developed a unique level of local expertise and relationships that remain a major component of the company's competitive advantage. This level of market expertise puts the company on the leading edge of anticipating emerging trends and balancing risks with opportunities.
Essex was a pioneer in integrating extensive market research, analysis and forecasting into its market selection, investment and development strategies and asset-level decisions. Through the combination of key local economic indicators, demographics, rental and for-sale housing conditions, and constant monitoring of future supply, the firm’s research department enables the company to formulate fact-based decisions rapidly.
Essex's investment strategy has two components: constant monitoring of existing markets, and evaluation of new markets to identify areas with the characteristics that underlie rental growth. Essex's strong financial condition supports its investment strategy by providing access to a wide range of capital alternatives. This enhances Essex's ability to quickly shift its acquisition, development and disposition activities to markets that will optimize the performance of the portfolio.
Cycle–Tested Leadership and Strength
The company's balance sheet is among the strongest in the real estate industry. This strength is demonstrated by low leverage, a preference for long-term and fixed rate debt, and conservative coverage of interest and dividend payments. Because of its solid financial condition, Essex is able to draw upon a wide range of capital alternatives for financing the external component of its growth strategy.