Marcus & Millichap Arranges the Sale of a 15-Unit Apartment Building

Marcus & Millichap, Stockton, residential real estate news, Arena Park Apartments

STOCKTON, CA, April 9, 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 Arena Park Apartments, a 15-unit apartment property located in Stockton, California, according to Chris J. Economou, Regional Manager of the firm’s Oakland office. The asset sold for $515,000.

unnamedSean Dyer, an investment specialist in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, a developer.

Arena Park Apartments is located at 404 West Oak Street in Stockton. The property consists of one studio unit, 12 one-bedroom/one-bath units and two two-bedroom/one-bath units, totaling 9,855 rentable square feet. Constructed in 1976 of wood frame and stucco, thirteen of the 15 units have been renovated since 2010. The 0.17-acre lot features a gated entrance, private underground parking garage and private front patios for the two-bedroom units. Arena Park Apartments is within walking distance to the waterfront, Weber Point Event Center, Stockton Arena and Stockton Ballpark. The property also provides quick and easy access to Highways 5 and 99.

About Marcus & Millichap (NYSE: MMI)
With nearly 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

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