SANTA ROSA, CA, December 8, 2016– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 12-unit apartment property located in Santa Rosa, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $2,200,000.
John Garrett and Brad Pennington, investment specialists in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by John Garrett and Brad Pennington
The property is located at 2313 Maher Drive in Santa Rosa, CA and was 100% occupied at the close of escrow. The unit-mix consists of one one-bedroom/one-bath apartment, and eleven two-bedroom/one and a half-bath apartments. Due to the property’s superior location in one of Santa Rosa’s best sub-markets, the new owner sees a tremendous opportunity to upgrade the property, remodel units on turnover, and bring rents to market over time.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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