San Francisco Peninsula Apartment Complex Sold by Marcus & Millichap for $10.8 Million

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