REDWOOD CITY, Calif., May 21, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of two apartment buildings located on the San Francisco Peninsula in Redwood City, Calif. The properties are 180 Buckingham Ave., a 48-unit apartment building that sold for $13.1 million, which equates to $272,917 per unit, and Jefferson Apartments, a 30-unit property that brought $10 million or $333,333 per unit.
Adam Levin, first vice president investments, and Robert Johnston, associate vice president investments, both in Marcus & Millichap’s Palo Alto office, represented the seller of both properties and procured the buyers.
“Strong job growth continues to fuel the market for Redwood City multifamily assets and create exceptional value-add opportunities for investors,” says Levin. “Buildings like these two, which were constructed in the 1960s, are particularly well-suited for upgrading and rebranding.”
“With current rent differentials between older apartment assets and newer, high-quality properties running as high as 54 percent, the new owners of these two communities are in a position to reduce spreads with improvements ranging from minor upgrades to major renovations,” adds Johnston.
Built in 1964, 180 Buckingham Ave. is a freestanding three-story building with gated subterranean parking. The property has a mix of studio, one- and two-bedroom floor plans that average approximately 710 square feet.
The 1331 Jefferson Ave. apartment building was constructed in 1963. The unit mix is all one-bedroom/one-bath apartments that average 650 square feet.
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