Marcus & Millichap Brokers $31.965 Million Sale of 33-Property Newport Multifamily Portfolio to Lake Hill Investment Group
NEWPORT, R.I. — Marcus & Millichap (NYSE: MMI) announced Oct. 5, 2026, the sale of the Newport Portfolio, a 33-property, 96-unit multifamily portfolio in Newport and Portsmouth, Rhode Island, for $31,965,000, or approximately $333,000 per unit. Lake Hill Investment Group, a real estate investment and management firm based in Greenwich, Connecticut, was the buyer.
The 32 properties sold in Newport represent more than half of the entire multifamily inventory sold in the city last year. The portfolio is the largest privately held collection of market-rate apartments to be sold in Newport.
Newport Multifamily Portfolio Sale: Deal Details
John Craig, director investments with Marcus & Millichap, and Matthew Pierce, in association with Thomas Shihadeh, the firm's broker of record in Rhode Island, marketed the portfolio on behalf of its longtime owner, a private investor, and procured the buyer. The marketing process produced more than 100 signed confidentiality agreements.
The portfolio comprises 33 properties and 96 apartments, with 32 properties in Newport and one in Portsmouth. Based on the reported average unit size of 1,080 square feet, the portfolio holds roughly 103,680 square feet of residential space, implying a price of about $308 per square foot.
"The owner built a unique and complex operating business around this scattered-site portfolio, and the opportunity was awarded to a buyer that demonstrated true creativity and sound execution," said Shihadeh.
Scattered-Site Properties Near Broadway
The properties are located on and around Broadway, Newport's historic main street, and are mostly two- and three-family buildings. Units average 1,080 square feet.
Local employers include the U.S. Naval Undersea Warfare Center, Salve Regina University and Newport Hospital.
"Under the same management for more than 20 years, the portfolio has experienced virtually no vacancy over that time other than units taken offline for major renovations, and annual turnover is typically less than 15%," said Pierce.
Limited Supply and Ownership Structure in Newport
Craig pointed to supply constraints and the fragmented ownership structure of Newport's multifamily market as factors that make an offering of this size uncommon.
"Multifamily prices have risen substantially since 2019 and restrictive zoning, scarce land and high construction costs have kept new supply to a minimum," Craig said. "Nearly nine of 10 multifamily owners in Newport hold a single building, making an offering of this scale exceptionally rare."
Lake Hill Investment Group's Plans
Pierce said Lake Hill plans to pair continued investment in the buildings with hands-on management from an office on Broadway. "The focus is on the basics: clean, well-maintained buildings, repairs handled quickly and someone who answers when residents call," he said. Residents will also be able to pay rent and request repairs online or from a phone.
Adam Friedman, principal of Lake Hill Investment Group, said the apartments serve year-round residents. "These homes are for Newport locals, people who live here year-round," Friedman said. "We are building on a portfolio that was carefully looked after for more than two decades, and we intend to take the same care of it."
Marcus & Millichap Context
Marcus & Millichap is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services, with offices throughout the United States and Canada. As of Dec. 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices. The firm closed 8,818 transactions in 2025, with sales volume of approximately $50.9 billion.
For 2025, the firm reported total revenue of $755.2 million, up 8.5% from $696.1 million in 2024, and real estate brokerage commissions of $632.5 million, up 7.3% year over year. The firm reported $93.5 million in Private Client Market brokerage revenue in the second quarter of 2025, up from $84.8 million a year earlier.
Sources
Marcus & Millichap press release, Oct. 5, 2026: https://www.marcusmillichap.com/news-events/press/2026/10/marcus-millichap-brokers-31-million-sale-of-the-largest-private-market-rate-apartment-portfolio-in-newport-rhode-island