Viking Apartments, Burlingame, CA |
BURLINGAME, CA, July 28, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of Viking
Apartments, a 35-unit apartment property in Burlingame, Calif.
The
$10,800,000 sales price equates to $308,571 per unit.
Tom
Doglio, vice president investments, and Richard Reisman, associate,
both in Marcus & Millichap’s Palo Alto office, represented the seller,
members of a family that owned the property for over 50 years. Adam Levin,
vice president investments, also in the firm’s Palo Alto office, represented
the buyer, a local family trust.
Adam Levin |
“The
acquisition of Viking Apartments provides the new owner with an outstanding
opportunity to reposition the property through both renovation and resetting
the existing rents, which are currently significantly below market rate,” says
Levin. “Nearby properties that have recently executed similar strategies are
now demonstrating significant gains.”
Built in
1958, the 21,007-rentable-square-foot property is located in an affluent
neighborhood two blocks from Burlingame Avenue at 500 El Camino Real in
downtown Burlingame, Calif
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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