Marcus & Millichap Arranges Sale of 24-Unit Apartment Building in Oakland, for $3.062MM

Marcus & Millichap, Oakland, East Bay, Bay Area, Redwood CrestOAKLAND, CA, February 25, 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 Redwood Crest, a 24-unit apartment property located in Oakland, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $3,062,000.

David Wolfe, First Vice President Investments, and Erik Tollefsen, both investment specialists in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a partnership, was also secured and represented by David Wolfe and Erik Tollefsen.

The subject property is located at 1860 East 25th Street in Oakland’s Highland Terrace neighborhood. The complex consists of four contiguous six-unit buildings spread out over more than one-half acre of land. All apartments are two-bedroom/one-bath units of approximately 690 square feet each, totaling 16,560 rentable square feet. The 24,900-square foot lot also contains three storage spaces, an on-site laundry facility and 24 parking spaces. Constructed in 1962, the property benefits from separate gas and electricity meters for each unit and copper plumbing. Redwood Crest is situated four blocks from Highland Hospital, between Interstates 580 and 880.

About Marcus & Millichap (NYSE: MMI)
With over 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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