Marcus & Millichap Brokers Multifamily Sale in Texas Under AARA Act

AUSTIN, Texas, June 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Malibu Apartments, (top left photo)  a 218,600-square foot, 476-unit multifamily property in Austin.

Will Balthrope (middle right photo), a vice president investments in the firm’s Dallas office; Joe James, a multifamily investment specialist in St. Louis; and Ryan Epstein, a senior associate in San Antonio, represented the seller.

Marcus & Millichap also represented the buyer, The Mulholland Group LLC, a New York State-based national multifamily housing company.

“To date, this transaction is the largest exchange-funding project in the state of Texas, and possibly the country, under the American Recovery and Reinvestment Act,” says Balthrope

. “The Mulholland Group’s investment includes tax credits from the Department of Housing and Community Affairs and funds from the city of Austin Affordable Housing GO Bonds,” he adds.

“We are proud to provide quality and affordable housing opportunities for families in Austin and look forward to being actively involved as good stewards in the community,” says Royce A. Mulholland (middle left photo) , president and CEO of The Mulholland Group LLC.

Located at 8600 North Lamar Blvd. in Austin’s north central submarket, the property is close to major employers, the University of Texas and major freeways.

Malibu Apartments sits on a well-maintained 14.17-acre site with a swimming pool, fitness center, playground and courtyards. Floor plans include a 350-square foot efficiency unit, a 500-square foot one-bedroom apartment and a 750-square foot two-bedroom apartment.

The property is currently 96 percent occupied, has been recently upgraded and is in good condition.

Somerset Apartments in Lake Worth, FL Sold for $1.8M

LAKE WORTH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Somerset Apartments,(bottom right photo)  a 24-unit, 20,748-square foot apartment building in Lake Worth. The sales price of $1,825,000 represents $76,042 per unit and $88 per square foot.

Brandon Rex (bottom left photo), a senior investment associate and a senior director of the firm’s National Multi Housing Group in Fort Lauderdale, represented the seller and the buyer, HH Somerset LLC, a real estate investment company headquartered in Delray Beach, Fla.

“Somerset Apartments changed hands in 2005 and was completely renovated with the intention of being sold as condominiums,” says Rex.

The property is located at 102 N. Lakeside Drive, on the corner of N. Lakeside Drive and Lucerne Avenue in Lake Worth. Lucerne Avenue is the major thoroughfare through downtown Lake Worth.

Somerset Apartments is situated west of the Intracoastal Waterway and the Atlantic Ocean. The property is within walking distance of downtown Lake Worth, the Lake Worth Municipal Golf Course, beaches, restaurants and shopping.

Somerset Apartments is comprised of 12 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. The property was built in 1971 and completely renovated in 2006.

 Renovations include new impact glass windows, impact exterior doors, tile and carpet flooring, new custom kitchen cabinets, granite countertops, new black appliances, new bathrooms with all new fixtures, new central air-conditioning systems, all new hot water heaters, washer/dyer systems for each unit, new interior doors and interior and exterior paint.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716