EL SOBRANTE, CA, February 5, 2015 – 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 Courtyard Terrace Apartments, a 32-unit apartment property located in El Sobrante, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $3,795,000.
Vincent Schwab and Jon Holmquist, investment specialists in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Jon Holmquist, an investment specialist in Marcus & Millichap’s San Francisco office.
The Courtyard Terrace Apartments is located at 4200 Appian Way, is a thirty-two unit apartment complex located in the quiet residential community of El Sobrante. The property may be accessed from the Appian Way or San Pablo Dam Road exit of Highway 80 and is centrally located, benefiting from the quiet small town feel that El Sobrante affords, while at the same time allowing tenants easy access to employment and shopping. Tenants can enjoy an easy walk to Starbucks and numerous restaurants and retail along San Pablo Dam Road, with a bus stop directly in front of the property.
The Courtyard Terrace is very well maintained with high quality finishes on both exterior and interior of the complex. The property is constructed of wood frame and stucco, with pitched composite roofs replaced in the last 10 years, double paned windows, and was recently repainted. The unit-mix consists of thirty, two-bedroom/one-bath units and two, three-bedroom/one-bath units. The complex enjoys stable operational expenses for the landlord as units are separately metered for gas and electricity and there is minimal landscaping to maintain. The subject property was constructed in 1960 and renovated in 2010.
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