SANTA CRUZ, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Chestnut Town Homes and Apartments, (top right photo) a 96-unit multi-family community with four commercial units in Santa Cruz.The sales price of $22.05 million represented $220,500 per unit.
Jamie D’Alessandro, a vice president and director of Marcus & Millichap’s National Multi Housing Group in Palo Alto, and Brian Henry, an associate and member of National Multi Housing Group also in the firm’s Palo Alto office, represented the seller, Wavecrest Development. Marcus & Millichap also represented the buyer, Essex Property Trust.
“The new owner has acquired a recently constructed mixed-use property in an infill location with high barriers to entry that also offers immediate rental upside,” says D’Alessandro. 
“The fact that this transaction was consummated amidst such a difficult lending environment is a testament to the potential of the asset and the long-term viability of the location,” added Henry.
Located at 525 Laurel St., the 87,640-square foot asset consists of two buildings on two parcels. Built in 2002, the apartment community features a mix of 96 one- and two-bedroom town home units and four commercial units.
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