- What Marcus & Millichap’s IPA division doubled its volume of brokered sales in 2024 compared with a year ago
- Why Equity from outside of Alberta helped drive the boom
- What next The team predicts next year’s sales will be even greater
As multifamily investors from outside Alberta flocked to Edmonton this year seeking buying opportunities, Marcus & Millichap’s IPA Western Canada team was more than happy to help them find deals.
The team, led by Brad Gingerich and Bradyn Arth, clocked more than $1bn of brokered deals in 2024, twice the amount they closed the year prior. While the team works in markets from Winnipeg westward, Edmonton transactions comprise the lion’s share of their volume.
“I would say 80% of our business was done in Edmonton this year,” Arth, a senior vice president of investments, told Green Street News. “And that was largely fueled by private investors coming out of Québec and Vancouver, a little out of Toronto and then local private equity.”
Those Edmonton-area deals have included the $92m sale of Emerald Place in November, the off-market disposition of Arcadia Place for $38m in August and the closing of Erin Ridge Gate for $33m just before the holidays.
A key part of the team’s strategy, he said, is spending a lot of time on the road to get a sense of the value in each market and what will happen down the line. Gingerich, a senior managing director, echoed that.
“We have the ability to work with our clients in various markets, and we can identify trends easier than our competition,” Gingerich said. “We work from Winnipeg to Vancouver Island.”
He also said that having a midsize team working together helps craft that knowledge. The squad includes Paul Chaput, Jane Pascal, Nicholas Cryans and Jessica Knox, with a new member starting in January.
“I think the recipe to our winning team is we’ve been a team for a very long time,” Gingerich said. “We know each other’s strengths and weaknesses and we’re just gelling.”
As yearend approaches and the team closes its final deals, it’s looking ahead to next year, expecting the robust activity to continue.
“We can already tell that next year is going to be a good year based at what we have under contract right now,” Arth said. “I think next year’s going to match or beat what we did this year.”
But he predicts the activity in 2025 will diversify across more markets across Western Canada rather than centred in Edmonton.
