The Institutional Property Advisors (IPA) division of Marcus & Millichap closed a $107 million transaction for the Hills at Hacienda Heights, a 350‑unit multifamily community in the San Gabriel Valley. The buyer, Eagle Partners, secured the property with $71 million of long‑term, fixed‑rate financing and arranged a 1031 exchange that allows the seller to defer capital gains taxes. The seller remains undisclosed, but the deal underscores the continued demand for high‑quality rental assets in a market that is experiencing an undersupply of housing and a growing logistics and distribution sector.
The sale is a key milestone for Marcus & Millichap, which has been expanding its institutional‑client footprint. The transaction demonstrates IPA’s ability to execute large‑scale deals and to structure financing that meets the needs of sophisticated investors. It also aligns with the company’s broader strategy of targeting high‑growth, value‑add multifamily markets, a focus that has driven a 25% increase in transaction volume for the firm in Q3 2025 compared with the prior year.
Financially, the deal comes at a time when Marcus & Millichap is reporting solid revenue growth. Q3 2025 revenue rose 15% year‑over‑year to $X million, and adjusted EBITDA reached $7 million, up from a breakeven position in the same period a year earlier. The company remains unprofitable, with analysts projecting a loss of $0.14 per share for 2025, but the cash position of $382 million and the absence of debt provide a cushion for continued investment in high‑margin segments.
Management highlighted the significance of the transaction. Kevin Green, IPA executive managing director, said, “We are excited to close our first transaction with Eagle Partners. They demonstrated strong execution throughout the transaction, moving efficiently from due diligence through closing.” Joseph Grabiec added that the San Gabriel Valley’s diverse employment base and growing logistics industry make it one of the nation’s fastest‑growing rental markets, while Tyler Johnson noted that the property’s location in a sub‑market with limited new supply and an affordability gap positions Eagle Partners for a significant affordable‑housing conversion.
The sale reflects broader market dynamics. The Hills at Hacienda Heights, built in 1970 and renovated since 2015, offers amenities such as a swimming pool, spa, and fitness center, making it attractive to renters seeking quality living spaces. Eagle Partners’ focus on affordable‑housing preservation aligns with a national trend toward converting existing multifamily assets to meet housing needs while generating value. The transaction signals that institutional investors are still active in the San Gabriel Valley, and it may encourage further deals in the region as demand for rental units continues to outpace supply.
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