Marcus & Millichap Seeks Commission Costs

by Houston Agent

The Southeast Texas Record reported that a lawsuit between Marcus & Millichap Real Estate Investment Services of Texas and Prime Income Asset Management has emerged, as the latter has supposedly failed to pay commission for the sale of the Marina Landing Resort Apartments in Galveston.

The lawsuit seeks to claim a 50 percent commission of $65,000 for the $13.7 million sale which Millichap successfully completed with Odyssey Residential Holdings in January 2009; the commission was expected to be received in August 2009.

According to the report, Odyssey extended their agreement into the beginning of 2011, as they received the appropriate funds from investors.

Upon the eventual completion of the transaction on January 31, 2011, Millichap claims that they were unable to access the documentation noting the purchase price, as well as the agreement to their commission.

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