REDWOOD CITY, Calif., Feb. 24, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Atherton Court Apartments, a two-building, two-story, 55-unit apartment complex located on two contiguous land parcels in Redwood City, California. The property sold for $17,125,000, which equates to more than $311,000 per unit.
“Our marketing efforts produced multiple offers and we closed at above the listing price,” says Taylor Flynn, first vice president investments in Marcus & Millichap’s San Francisco office. “Interest came from both institutional and private capital sources.”
Flynn, along with Philip Batlin, vice president investments, also in San Francisco, represented the seller, a private investor, and procured the buyer, a non-profit corporation.
Built in 1961, the property consists of a 30-unit building located at 3762-3770 Rolison Road and 3752 Rolison Road, which contains 25 apartments. The location is near Downtown Redwood City, just off Marshall Road and close to access to U.S. Highway 101 and Interstate 280. The 394-unit Anton Menlo apartment complex development is nearby.
The transaction is the seventh sale Flynn and Batlin have completed on behalf of this client in the last 12 months.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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