$10 Million Buys Multifamily Asset in Northern San Diego County, CA

Christopher Zorbas

CARLSBAD, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Laguna Palms, a 45-unit, garden-style apartment building in Carlsbad, Calif. 

The $10 million sales price equates to $222,222 per unit.

            Christopher Zorbas, senior vice president investments, and Tom McCartin, vice president investments, both in Marcus & Millichap’s San Diego office, represented the seller and secured the buyer.

            “Built in 1973, Laguna Palms is positioned to benefit from the continuation of its renovation program,” says Zorbas. “The new owner can add significant value by upgrading unit interiors and enhancing the exteriors.”

            The property is located at 935 Laguna Drive in Carlsbad near major transportation arteries. Carlsbad is a coastal community 35 miles north of San Diego surrounded by mountains, lagoons and the Pacific Ocean. The city has more than seven miles of beach and coastline and over 150 acres of developed park land, which provide recreation year round.

            The unit mix at Laguna Palms is 24 one-bedroom/one bath-apartments, 20 two-bedroom/one-bath apartments and one two-bedroom/one-bath house.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716