SAUSALITO, Calif., Oct. 10, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 77 Bulkley Avenue, a 21-unit apartment property in Sausalito, California. The $11.7 million sales prices equates to $557,142 per unit.
“77 Bulkley presented a rare investment opportunity to acquire a multifamily property of its size and quality in one of the most affluent markets in Marin County,” says Erich Reichenbach, an associate director of Marcus & Millichap’s National Multi Housing Group. “This transaction represents one of only a few 20-plus unit properties in Sausalito sold in the last 20 years. The asset provides new ownership with value-add opportunities and rental upside potential.”
Reichenbach represented the seller and procured the buyer, House Properties, a private real estate investment company, with $300M in assets, based in Mill Valley, California. Founded in 1989, House Properties was established to acquire, reposition and develop, multifamily, retail, hotel, self-storage, and industrial real estate properties.
Built in 1963, 77 Bulkley Avenue is within walking distance to schools, shopping, entertainment, dining options, and the Sausalito Ferry Terminal. The property is 1.4 miles from U.S. Route 101, a major transportation corridor.
Community amenities include on-site laundry facilities and covered off-street parking and guest parking. Unit amenities include large private decks and individual furnaces and water heaters. In addition, all units have received interior renovations in the last 36 months.
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