Marcus & Millichap Sells Four-Building Apartment Portfolio for $12.4 Million

PALO ALTO, Calif., Sept. 11, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a four-property apartment portfolio in Redwood City for $12,360,000. The properties include 180 Buckingham Ave., 152 Lincoln Ave., 755 Ninth Ave. and 775 Ninth Ave.

Robert Johnston, a senior associate in the Palo Alto office of Marcus & Millichap, represented the seller, Carlos Perez. Adam Levin, a vice president investments, also based in the Palo Alto office, represented the buyer, Interstate Equities.

The 48-unit apartment building at 180 Buckingham Ave. traded for $7.5 million, or $156,250 per unit. The 55,624-square foot complex was developed in 1964.

The 18-unit property at 152 Lincoln Ave. sold for $2.7 million, or $150,000 per unit. Built in 1964, 152 Lincoln Ave. encompasses 11,500 rentable square feet.

The eight-unit 755 Ninth Ave. asset traded for $1,080,000, or $135,000 per unit. Also constructed in 1964, the property measures 4,650 rentable square feet.

775 Ninth Ave., an eight-unit multifamily asset, commanded $1,080,000. Built in 1965, the property includes 4,800 square feet of rentable space.

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.

West Coast Commercial Real Estate News