Marcus & Millichap Closes Sales in California and Colorado

$16 MILLION MANUFACTURED HOUSING COMMUNITY SOLD IN RAMONA, CA

RAMONA, CA. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Ramona Terrace Estates, (top right photo) a 218-space, five-star, seniors manufactured housing community in Ramona.

The sales price of $16,014,000 represents a price per space of $73,459 and a 6 percent cap rate.

Jonathan Harrison, a vice president investments in the San Diego office and a senior director of the firm’s National Manufactured Home Communities Group, represented the buyer, Ramona Terrace Community LLC of Tucson, Ariz. The seller was represented by All California Brokerage of Huntington Beach, Calif.

“Communities of this size and quality rarely become available in Southern California,” says Harrison.

“Quality manufactured housing communities can still be financed at attractive interest rates, and continue to command premium prices from buyers seeking safe and stable investments.

"The investor sees this as his first of many California manufactured housing community acquisitions.”

Located at 1212 H St., the property is comprised of 218 doublewide manufactured home sites on 26.79 acres with many amenities.

Ramona Terrace Estates is 100 percent occupied and well maintained with all city services. The new owner plans to continue to operate the property as a seniors manufactured housing community.

The buyer obtained a new loan with a 60 percent loan-to-value ratio at 6.1 percent interest and closed the transaction in 120 days. Ramona is located in the Santa Maria Valley 36 miles northeast of San Diego.

$11.8 MILLION MULTI-FAMILY COMMUNITY SOLD IN COLORADO

ARVADA, Co–Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the sale of Apple Creek Apartments, (bottom left photo) a 219-unit, 144,029-square foot multi-family apartment community in Arvada.

The sales price of $11.8 million represents $53,881 per unit and $82 per square foot.

David Potarf, a first vice president investments, Daniel Woodward, a vice president investments, Jordan Robbins, a multi-family investment specialist, and Charles “Chico” LeClaire, senior vice president investments, all in the firm’s Denver office, represented the seller, Apple Creek Housing Associates LTD/Apple Creek 24 LTD and the buyer, Foothills Apartments Denver LP.

“Apple Creek Apartments is the largest 1980s-built property and the second-largest property sale by number of units to trade in the Denver metro area so far this year,” says Robbins.

“The property was sold by the original developer and was in excellent condition with little or no deferred maintenance. The units are located within a rapidly improving market with high barriers to entry and very limited new construction.”

Located at 9750 West 59th Ave. near the intersection of West 59th Place and Ralston Road, the property is within a short commute of downtown Denver, Boulder and Interlocken Business Park.

Built in 1987, Apple Creek Apartments is comprised of 19 three-story buildings with wood siding exteriors and pitched composite-shingle roofs.

The unit mix consists of studios and one- and two-bedroom apartments. Amenities include a heated swimming pool, laundry facilities and barbecue areas. Individual units have air conditioning, fireplaces, private balconies or patios, storage rooms, washers and dryers and walk-in closets.

Select units are enhanced by vaulted ceilings and ceiling fans. All units have cable television and Internet capabilities. Individual units also offer fully appointed kitchens with dishwashers, garbage disposals and frost-free refrigerators.

Arvada is a first-ring suburb of Denver with an estimated population of 106,327.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716