SAN MATEO, Calif.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Park Laurel Apartments, a 26-unit multifamily property located at 710 Laurel Ave. in San Mateo, Calif. The $10.3 million sales price equates to $396,154 per unit.
Ted Kokernak, senior vice president investments in Marcus & Millichap’s Palo Alto office, represented the seller, the Brenner Family Partnership. Twelve offers were submitted and MNM Partners LLC was chosen as the buyer.
“Park Laurel Apartments is a transit-oriented multifamily investment real estate asset that offers the buyer a variety of opportunities for value enhancement,” says Kokernak. “The new owner has extensive renovation plans for the property.”
“We believe the location of this property provides another exciting opportunity for our firm and co-owners,” add Michael Anthony, CCIM and Mark Putney of MNM Partners LLC. “It validates our business philosophy of acquiring, managing and repositioning obsolete multifamily properties on the peninsula in San Mateo County for cash flow and appreciation.”
The apartment building is located in the Central Park area of downtown San Mateo at 710 Laurel Ave. Residents are within two blocks of downtown and six-tenths of a mile from a Caltrain station. California State 92, U.S. Route 101 and Interstate 280 are nearby, as is San Francisco International Airport. San Mateo is 20 miles south of San Francisco and 30 miles north of San Jose.
Constructed in 1959 on a 0.53-acre lot, Park Laurel Apartments is a three-story wood-frame building with a flat tar and gravel roof and 26 tuck-under parking spaces. The unit mix is six studios, 18 one-bedroom/one-bath apartments and two two-bedroom/one-bath units. Select units have new carpet, linoleum tile, paint, and granite countertops. Approximately half the units have new windows. Community amenities include an outdoor pool and patio area, individual storage lockers, and on-site laundry facilities.
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
About MNM Partners
MNM Partners is a boutique investment firm that acquires and manages well-located value-add properties in the San Francisco Bay Area. MNM provides real estate investors with opportunities to invest in properties that provide stable cash flow and future appreciation in the San Francisco Bay Area through group co-ownership. Our ownership structure is suitable for cash, self-directed IRAs and 1031 exchanges.