Marcus & Millichap Arranges the Sale of a 45-Unit Apartment Building

45-Unit Apartment Building

CERES, CA – 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 The Silverado Estates, a 45-unit apartment property located in Ceres, CA, according to Jeffrey M. Mishkin, regional manager of the firm’s San Francisco office. The asset sold for $2,700,000.

Jon Holmquist, an investment specialist in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured and represented by Jon Holmquist.

45-Unit Apartment Building
45-Unit Apartment Building

The Silverado Estates is located at 2028-2040 Walnut Avenue in Ceres, CA. The properties consist of adjacent 21 and 24-unit complexes each on a separate parcel. The Silverado Estates have operated under the same ownership and management for over 30 years. The attractive curb appeal and design of the individual detached cottages incorporates pitched composite roofs, individual patios, separate gas, electricity, and water meters, individual water heaters, and layouts that offer the feel of a home more than that of an apartment. Each unit is a two-bedroom/one-bath cottage style unit of approximately 748 square feet. Units feature individual roof mounted air conditioners, forced air heating units and individual washer/dryer laundry hook-ups. The property was constructed in 1984.

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.

West Coast Commercial Real Estate News