OAKLAND, CA, October 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 Northgate Apartments, a 38-unit apartment property located in Oakland, California, according to Chris Economou, Regional Manager of the firm’s Oakland office. The asset sold for $5,615,000, above the asking price.
Ethan H. Pintard, Senior Associate in Marcus & Millichap’s Oakland office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Ethan Pintard.
Northgate Apartments is located at 542 25th Street in the heart of Oakland. Constructed in 1910, the property consists of eight studio units and 30 one-bedroom/one-bath units. The structure is approximately 26,282 rentable square feet. The sale included two adjacent parcels with the building situated on one parcel and 12 parking spaces on the additional parcel. Northgate Apartments is conveniently located one block away from Signature Properties’ Hive Development, six blocks from Uber’s future headquarters and minutes from Interstate 980 and the 19th Street BART Station.
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