45-Unit Trophy Apartment Building in San Fernando Valley, CA Commands $9.65 Million

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Margate Imperial Apartments (top left photo), a 45-unit multifamily asset in Encino. The sales price of $9,650,000 equates to $214,000 per unit and $186 per square foot. 

Michael Hanassab and Elliot Hassan, associates in the Los Angeles office of Marcus & Millichap, represented the seller. Hanassab and Hassan also represented the buyer, a family partnership that owns and manages more than 700 apartment units in the San Fernando Valley.

“The new ownership has acquired a true trophy asset that rarely comes to market in a supply constrained submarket in the San Fernando Valley, which is surrounded by multi-million-dollar single-family homes,” explains Hanassab. “This property will appreciate in value significantly over the short and long term.”

Located at 17849 Margate St., the 52,077-square foot Margate Imperial Apartments was developed in 1969.

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

Stacey Corso

Public Relations Manager

(925) 953-1716

Marcus & Millichap announces sale of Aurora Inn & Conference Center in Aurora, OH

  

AURORA, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Aurora Inn & Conference Center, a 69-room hotel located in Aurora, Ohio, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Jonathan S. Ruprai (top right photo), a hospitality investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution.  The buyer, a limited liability company, was also secured and represented by Ruprai.  Michael Glass (lower left photo), broker, assisted in closing this transaction.

The Aurora Inn & Conference Center is a full-service hotel, built in 1962 and located at 30 East Garfield Road.  The hotel offers an array of amenities to guests including an indoor and outdoor pool, hot tubs, courtyard, tennis courts, lounge, restaurant/full-service kitchen and four conference rooms.

Press Contact:

 Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

$41 Million Seniors Housing Portfolio Sold by Marcus & Millichap and Brown Gibbons Lang in the Des Moines, IA MSA

 CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, in conjunction with leading independent investment bank Brown Gibbons Lang & Co., has arranged the sale of two continuing care retirement communities (CCRCs) in Iowa: the Village at Legacy Pointe (top left photo) in Waukee and Vriendschap Village in Pella. The combined sales price of the assets is $40,850,000.

Mark Myers (lower  right photo), a senior vice president investments, and Joshua Jandris, an associate, both based in the Chicago O’Hare office, represented the seller, Ewing Land Development. The buyer was the Watermark, a subsidiary of The Freshwater Group, based in Tucson, Ariz.

“Demand for seniors housing remains strong in Iowa, particularly in the highly diverse and stable Des Moines MSA” says Myers.

 “Both of these properties are of superior quality and offer upside potential that will be generated by Watermark’s management. The quality of these assets, their prime location and the demographics in this region of Iowa make both properties excellent long-term investments,” adds Jandris.

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

Stacey Corso

Public Relations Manager

(925) 953-1716