BERKELEY, CA, September 19, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 41-unit apartment property located in Berkeley, CA, according to Jeffrey M. Mishkin, FVP/Regional Manager of the firm’s San Francisco office. The asset commanded a sales price of $5,037,500.
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, an individual/personal trust, was secured and represented by Jon Holmquist, an investment specialist in Marcus & Millichap’s San Francisco office.
The subject property (2511 Hearst Avenue) is a strikingly 1920’s building located in one of the most desired locations in the city of Berkeley, across the street from the main gates of the north side of the UC Berkeley campus. The presence of the building is hard to miss, located at the intersection of Hearst & Euclid Avenues, which is one of the most well-known arterial shopping and congregation hubs in the city of Berkeley. The improvements consist of a 12 car parking garage, a bottom floor commercial space, 39 studio units of varying sizes, and a top floor penthouse unit with a rooftop deck and Bay and Golden Gate Views. The building construction is of wood frame with stucco siding and a flat roof, with parking and a commercial space on the bottom floor.
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 5,085 transactions in 2011, 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.