FREMONT, Calif., Dec. 4, 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 Arbordale Gardens Apartments, a 72-unit apartment property in Fremont, California. The $27.75 million sales price equates to $385,417 per unit.
“Arbordale Gardens is supported by Fremont’s excellent market fundamentals, which include strong employment, low vacancy levels and rapidly growing rental demand,” says Adam Levin, senior managing director investments in Marcus & Millichap’s Palo Alto office.
Levin and Robert Johnston, senior managing director investments, represented the seller, and procured the buyer, both of whom are local investors.
“Arbordale Gardens has received significant recent exterior upgrades, and new ownership is in an excellent position to further enhance the property’s value through continued improvements,” adds Johnston. “The community’sworld-class Bay Area location near major employers, transportation corridors, shopping, dining and entertainment destinations make it an ideal choice for Silicon Valley renters.”
Built in 1968 on more than three acres, Arbordale Gardens Apartments has a gross livable area of approximately 46,336 square feet. Community amenities include a swimming pool and assigned covered carport parking with large private storage lockers.
About Marcus & Millichap (NYSE: MMI)
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. To learn more, please visit: www.MarcusMillichap.com