Marcus & Millichap Sells $33.25M Apartment Complex in Northern California

LIVERMORE, Calif., July 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Ironwood Apartments (top left photo), a 184,112-square foot 240-unit apartment complex in Livermore.

The sales price of $33,250,000 represents $138,542 per unit and $181 per square foot.

Stanford Jones, an executive vice president at Marcus & Millichap in Palo Alto, and associate vice presidents Phil Saglimbeni (middle left photo) and Sal Saglimbeni,(lower right photo)  also in the Palo Alto office, represented the seller, one of the largest private owners of multifamily properties in the San Francisco Bay Area. The buyer was a real estate investment fund manager also headquartered in the Bay Area.

“Ironwood’s operation is well-positioned for future rent growth,” says Jones. “Strong demand in the Class B renter cohort, along with a future repositioning strategy, will enable the new owner to capitalize on aggressive rent growth.”

“Cap rate compression, driven by compelling agency financing and a severe supply/demand imbalance for multifamily assets, resulted in aggressive pricing and a highly competitive bidding process,” adds Phil Saglimbeni.

Ironwood Apartments is located at 5634 Charlotte Way. Livermore is home to renowned science and technology pioneers Lawrence Livermore National Laboratory and Sandia National Laboratory, both of which are within walking distance of the property.

 Downtown Livermore, located approximately two miles from Ironwood, is considered to be one of the most successful redevelopment efforts in the region.

 The property is also a short commute from an impressive roster of major employers located along the Interstate 580 and Interstate 680 corridors in Dublin, Pleasanton and San Ramon.

Built in 1973, Ironwood Apartments encompasses approximately 15.2 acres and consists of 24 two-story residential buildings featuring one-, two- and three-bedroom homes. Floor plans average approximately 767 square feet.

  Unit interiors boast spacious open floor plans and private patio/balconies. Ironwood’s common area amenities include a swimming pool and spa, fitness center, two children’s play areas and picnic and barbecue facilities.

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