Marcus & Millichap Arranges Sale of 5-Unit Apartment Building in Oakland for $1.28 Million

OAKLAND, CA, December 8, 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 2311 Ivy Drive, a five-unit apartment property located in Oakland, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $1,280,000.

Timothy Richardson, an investment specialist 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 limited liability company, was also secured and represented by Timothy Richardson.

Constructed in 1944, the subject property consists of five two-bedroom/one-bath units of approximately 854 square feet each. Each unit benefits from city views and some units have granite kitchen countertops. The 5,000-square foot lot features a large backyard for all of the tenants as well as three garages. Located in the Cleveland Heights neighborhood, 2311 Ivy Drive is within walking distance to Lake Merritt and minutes from Interstate 580.

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