Marcus & Millichap Lists $10.6M Apartment Building in Los Angeles

LOS ANGELES, June 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Palm Terrace Apartments (top left photo), a 148-unit, 77,200-square foot apartment building in Los Angeles. The listing price of $10,650,000 represents $71,959 per unit.

Matthew Friedman, (lower right photo)  a vice president investments and a senior director of the firm’s National Multi Housing Group in Encino, is representing the seller.

“Offered significantly below replacement costs and at a low price per unit, Palm Terrace presents an opportunity for an astute investor to make enhancements to the property and dramatically increase rents to submarket levels,” says Friedman.

 “Given the strong local demographics and proximity to Los Angeles’ primary employment centers, Palm Terrace is well positioned to benefit from the continuously improving economy.”

Built in 1957 on 2.48 acres, the property is located in the historic West Adams district, a densely populated submarket of Los Angeles.

Palm Terrace provides easy access to major Southern California freeways and is within minutes to public transportation, allowing for easy reach to employment opportunities, retail shops and recreational offerings.

The property is also minutes from some of Los Angeles’ most famous destinations, including Dodger Stadium, Staples Center, and L.A. Live. Several nearby prominent institutions of higher education provide the property with continuous housing demand.

Palm Terrace is comprised of 148 one- and two-bedroom units

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

Jim Donovan Joins Grubb & Ellis as Vice President, Multi Housing

SACRAMENTO, CA) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jim Donovan, (top right photo) LEED AP, has joined the firm as vice president, Multi Housing Group.

“With 15 years of experience in all facets of multi housing commercial real estate, Jim’s reputation as a leading multi housing professionals spans the Western United States,” said Bob Dean,  (lower left photo) executive vice president and regional managing director of Grubb & Ellis’ Pacific Northwest offices.

 “His many relationships, coupled with his knowledge and penchant for service excellence, will be a tremendous value to our company and our clients.”

Donovan previously was senior vice president of Apartment Energy Consultants where he aided owners of multi-family projects in the western U.S. with the 45L Federal Tax Credit Program provided to owners of energy efficient homes.

Prior to joining Apartment Energy Consultants in 2007, he spent four years as the vice president of acquisitions and development for the California division of American Capital Group. In this role, he oversaw the development of approximately 1,500 apartment units valued in excess of $200 million. Donovan began his career in multi housing real estate serving as president of JD Development Company, a private firm he began in 1995.

He holds a bachelor’s degree from the University of California, Davis.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com