Legacy Northern California Multifamily Property Palomar Terrace Sells for $30.5MM

Multifamily, Northern California, Marcus & Millichap, Palomar Terrace, Hayward, East Bay, Bay Area

Multifamily, Northern California, Marcus & Millichap, Palomar Terrace, Hayward, East Bay, Bay Area

HAYWARD, Calif., March 6, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Palomar Terrace, a 150-unit apartment community in Hayward, California. The $30.5 million sales price equates to more than $203,000 per unit.

“Palomar Terrace is a legacy property that the builder held for 52 years,” says Jon Holmquist, senior vice president investments in Marcus & Millichap’s San Francisco office. “Our targeted marketing campaign drew multiple offers and the buyer selected was very strong, with operational history in the area, and had no loan contingency.”

Jon Holmquist represented the seller and procured the buyer.

Constructed in 1964 and 1965, the apartment complex is located at 24650 Amador St. in Hayward, two blocks from Interstate 880, a short drive from a Bay Area Rapid Transit (BART) station and a half-block away from shopping.

Palomar Terrace is composed of 10 separate two-story buildings on a 4.7-acre parcel. The apartments have walk-up entryway doors and mostly original cabinetry and countertops. Community amenities include two laundry facilities, a fitness room, a large conference room and a swimming pool.

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

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