SANTA ROSA, CA, August 20, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Puerta Villa, a 56-unit apartment property located in Santa Rosa, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $6,325,000.
Brad Pennington and John Garrett, 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.
Puerta Villa is located at 825 West 9th Street & 710 Rockwell Place in Santa Rosa, CA. The sellers had spent nearly $1,250,000 in capital improvements during their seven year ownership. These improvements included new kitchen and bathroom cabinets, granite countertops, appliances, plumbing fixtures, sinks and vinyl flooring, as well as new double-paned windows, carpets and painting throughout. Exterior improvements include new roofs, decks, laundry rooms, manager’s office, play area, entry gates, exterior painting, monuments and signage. The subject property was constructed in 1972.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.