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| Tony Azzi |
LOS ANGELES, CA – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced that Tony Azzi, senior vice
president investments in the firm’s West Los Angeles office, arranged the sale
of four separate multifamily properties valued at a total of $47.2 million
between mid-July and early October 2014.
The properties are:
· 1611 South
Beverly Glen Blvd., Los Angeles, Calif., 12 units, $8,400,000
1236 9th
St., Santa Monica, Calif., 16 units, $ 7,300,000
·
11677 and
11683 Goshen Ave., Los Angeles, Calif., 68 units, $25,500,000
·
11666 Mayfield Ave., Los Angeles, Calif.,
15 units, $6,000,000
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| Tony Solomon |
“Few people are as thoroughly familiar with the dynamics of
the commercial real estate marketplace in Los Angeles as Tony Azzi,” says Tony
Solomon, vice president and regional manager of Marcus & Millichap’s
West Los Angeles office.
“Throughout his 28-year tenure with the firm, Tony has
consistently created competitive markets for commercial real estate assets in
the Los Angeles area and delivered maximum value to clients.
“The sale of these four assets is a case in point,”
continues Solomon. “Prior to being listed with Tony, the properties received
unsolicited off-market offers.
“Utilizing the Marcus & Millichap platform, Tony created
a competitive bidding environment that resulted in netting the sellers higher
proceeds than they would have had they accepted the off-market offers.”
Built between 1962 and 2014, the five properties total 111
units.
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| Thomas Jonsson |
“These are all well-located properties, the majority of
which offer their new owners opportunities for revenue enhancement through the
implementation of capital improvement programs,” says Azzi.
“The current high level of investment activity in the Los
Angeles County apartment market reflects the tight conditions that have been
developing over the past few years.
“The market is drawing buyers from throughout the investment
spectrum, from first-time buyers to institutions.
"Many first-time buyers are
deploying capital from other investments to purchase real estate as a part of a
long-term investment strategy.”
The properties at 11677-11683 Goshen Ave., the Majestic
Apartments, are adjacent buildings constructed in 1971.
These assets, along
with The Mayfield Apartments (11666 Mayfield Ave.) are located north of
Wilshire Boulevard in Los Angeles’ Brentwood neighborhood.
Built in 1962, the apartment building at 1236 9th St. in
Santa Monica is blocks from the Santa Monica Pier and the Third Street
Promenade and is close to the new Santa Monica light rail line.
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| Mayfield Apartments, Brentwood Neighborhood Los Angeles, CA |
The property at 1611 South Beverly Glen Blvd. was
constructed this year and is located in the Westwood neighborhood of Los
Angeles just north of Santa Monica Blvd.
Thomas Jonsson, senior associate, also in Marcus
& Millichap’s West Los Angeles office, provided additional representation
in the sale of 1236 9th St.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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