PALO ALTO, Calif., Nov. 21, 2017 – Marcus & Millichap (NYSE: MMI) announces the sale of Ninth Avenue Apartments, a multifamily building located in San Mateo, California. According to Costar, the property sold off market for $5.1 million, which equates to $510,000 per unit.
Frank Odar III, Associate Investments and Carlos F. Azucena, First Vice President Investments, represented the seller and buyer in the transaction.
“This was a rare opportunity for an investor to purchase a property located near the intersection of 9th Avenue and El Camino Real, adjacent to Central Park,” said Odar. “The property sits directly across the street from 885 S. El Camino, a redevelopment project featuring 33,544 square feet of office space and a 77,800 square foot apartment building featuring 60 units.”
Azucena added, “San Mateo is one of the most sought after markets in Northern California and we continue to see strong demand in the area, particularly in locations that offer both walkability and convenient access to the city.” “In addition, the revitalization of Central Park was a major draw for our client.”
About Frank Odar III & Carlos F. Azucena
Frank Odar III and Carlos F. Azucena are investment real estate specialist at the Marcus & Millichap office in Palo Alto, CA. Since June 2017, their team has participated in the acquisition and disposition of nearly 100 apartments units in the Bay Area in access of $36,000,000.
About Marcus & Millichap
With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 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.