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| Redwood City Portfolio I, Redwood City, CA |
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| Adam Levin |
REDWOOD CITY, CA, March 13, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of Redwood
City Portfolio I, a five-property 112-unit multifamily portfolio on the San
Francisco Peninsula in Redwood City, Calif.
The $23.2 million
sales price equates to $207,142 per unit.
Adam
Levin, a vice president investments, and Robert Johnston, a senior
associate, both in Marcus & Millichap’s Palo Alto office, represented the
seller, Interstate Equities Corporation (IEC). Levin and Johnston also
represented the buyer, a private investor in a 1031 exchange.
“The continued
creation of high-paying jobs in Silicon Valley is reshaping the San Mateo
County apartment market and creating new opportunities for both large
institutional investors and smaller private investors,” says Levin.
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| Robert Johnston |
“Favorable market conditions in Redwood City allowed us to
assemble this portfolio of 1960s-era apartment complexes and for IEC to
successfully implement its renovation, stabilization and repositioning
strategy.”
“The
buyer, in turn, was able to transition from a 42-unit apartment building to a
five-building multifamily portfolio,” concludes Levin.
The
properties are:
• 152 Lincoln Ave., 18 units
• 180 Buckingham Ave., 48 units
• 755 9th Ave., 8 units
• 775 9th Ave., 8 units
• 1331 Jefferson Ave., 30 units
“Levin
and Johnston have closed more than 50 transactions since the beginning of
2013,” notes Steven Seligman, vice president and regional manager of
Marcus & Millichap’s Palo Alto office, “many of which involved locating
opportunities for clients in 1031 exchanges.”
For a complete copy of the company’s news release, please
contact:
Gina Relva,
Public Relations Manager
(925) 953-1716
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