Marcus & Millichap Acquires Houston-Based LMI Capital
- Dec 22, 2020
Marcus & Millichap Inc. has expanded its capital advisory services with the acquisition of Houston-based LMI Capital. At the time of the deal, LMI’s team included 10 people responsible for arranging transactions worth $1.2 billion in the last 36 months.
Founded in 1999, LMI handles debt and equity capital across all property types, serving real estate clients in the Southwest. The firm has gained significant experience in raising capital for multifamily properties, especially through Fannie Mae and Freddie Mac. LMI’s 2020 portfolio included a $23 million refinancing loan for a community in southwestern Houston, as well as a $13 million acquisition loan for a 180-unit property in Corpus Christi, Texas, as reported by REBusiness Online.
Marcus & Millichap Capital Corp.’s financing team has gained five originators and five additional support team members, said Hessam Nadji, president & CEO of Marcus & Millichap, in prepared remarks.
Founded in 1971, Marcus & Millichap has grown into one of the largest brokerage houses in the U.S. and Canada. In 2019, the company closed more than 9,700 transactions with a combined value of some $50 billion.
In 2020, Marcus & Millichap was also active in the Southern market. In September, the firm arranged the sale of Northshore Place Apartments, a recently completed 224-unit luxury community in Texas. Later, in November, the brokerage assisted the seller in the $36.5 million disposition of a 384-unit property in North Carolina.