Marcus & Millichap Arranges the Sale of a 14-Unit Apartment Building in Lockeford, CA

Marcus & Millichap, Lockeford, Locke Haven Apartments, San Francisco, Bay Area

Marcus & Millichap, Lockeford, Locke Haven Apartments, San Francisco, Bay AreaLOCKEFORD, CA, January 25, 2017– 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 Locke Haven Apartments, a 14-unit apartment property located in Lockeford, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $1,200,000.

Jon A. Holmquist, an investment specialist in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.

Locke Haven Apartments is located at 13414 East Laird Street in Lockeford, CA.

Unit layouts consist of six one-bedroom/one-bath units, and eight two-bedroom/one-bath units. The extensive marketing effort procured multiple offers including numerous buyers from the San Francisco Bay Area and resulted in close of escrow at list price. The property was held by the same family for several decades and rents were far below market with significant upside.

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

West Coast Commercial Real Estate News