ANTIOCH, Calif., March 9, 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 Village at Park View Apartments, an 85-unit apartment complex in Antioch, Calif. The $12.4 million sales price equates to $145,882 per unit.
Adam Levin, first vice president investments in Marcus & Millichap’s Palo Alto office, and Nathan Gustavson, senior associate in San Francisco, represented the seller. Michael Henshaw, vice president investments in Palo Alto, procured the buyer.
“Multifamily assets such as Village at Park View Apartments are providing East Bay apartment operators with opportunities to reap the benefits of being a low-cost alternative in the Bay Area,” says Levin.
“Located in an area with high growth potential and lower property values than the surrounding Bay Area markets, this investment real estate asset presents the new owner with huge upside potential,” adds Henshaw.
The apartment community is located at 2800 Gentrytown Drive in Antioch. It is adjacent to 7.4-acre Village East Park, a five-minute walk from Somersville Towne Center mall and near access to the Bay Area Rapid Transit (BART) system.
Built in 1980 on more than four acres, Village at Parkview Apartments features 10 two-story buildings and a mix of one-, two- and three-bedroom floor plans. Amenities include a community laundry room, a swimming pool, and ample on-site parking.
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