SUNNYVALE, Calif., April 21, 2014– 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 1220 Cortez, a 10-unit apartment property located in Sunnyvale, according to Steven J. Seligman, regional manager of the firm’s Palo Alto office. The asset sold for $2,525,000.
Senior Associates, Carlos Azucena and Mitchell Zurich, two of the most active multi-family investment brokers in the South Bay and Peninsula markets, 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 Bradford Lehman, an apartment investment specialist in Marcus & Millichap’s Palo Alto office.
The property, located at 1220 Cortez Drive in Sunnyvale, Calif., was built in 1963 and consists of (8) 1 bed 1 bath units and (2) 2 bed 1 bath units. The property was very well maintained having recently been upgraded with dual pane windows, new fencing and a newly paved patio for all the residents.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 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 6,600 transactions in 2013 with a value of approximately $24 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.