VALLEJO, CA, August 5, 2016 – 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 The Mariner Apartments, a 20-unit apartment property located in Vallejo, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $2,465,000.
Jon Holmquist, an investment specialist in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a pension fund advisor private investor. The buyer, a private investor, was secured and represented by Jon Holmquist.
The subject property known as the Mariner Apartments (101 Hilborn Street, Vallejo, CA) was immaculately maintained and presents a stunning presence, perched upon a hillside, with fantastic views of the Bay and Napa Marsh. The property is just one minute from Highway 37, which allows an easy commute to Marin employment centers, and is also located just a few minutes from direct Ferry service to downtown San Francisco employment. The strategic location ensures a constant demand from tenants and the property has historically operated at or near 100% occupancy. The asset was on the market for the first time in over forty years and the current owners acquired the property directly from the developer.
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