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| Village at Park View Apartments, 2800 Gentrytown Drive, Antioch, CA |
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| Adam Levin |
ANTIOCH, CA – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, announced the sale
of Village at Park View Apartments, an
85-unit apartment complex in Antioch, Calif. The $12.4 million sales price
equates to $145,882 per unit.
Adam Levin, first vice president
investments in Marcus & Millichap’s Palo Alto office, and Nathan Gustavson, senior associate in
San Francisco, represented the seller. Michael
Henshaw, vice president investments in Palo Alto, procured the buyer.
“Multifamily assets such as Village at Park View Apartments
are providing East Bay apartment operators with opportunities to reap the
benefits of being a low-cost alternative in the Bay Area,” says Levin.
“Located in an area with high growth potential and lower
property values than the surrounding Bay Area markets, this investment real
estate asset presents the new owner with huge upside potential,” adds Henshaw.
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| Nathan Gustavson |
The apartment community is located at 2800 Gentrytown Drive
in Antioch. It is adjacent to 7.4-acre Village East Park, a five-minute walk
from Somersville Towne Center mall and near access to the Bay Area Rapid
Transit (BART) system.
Built in
1980 on more than four acres, Village at Parkview Apartments features 10
two-story buildings and a mix of one-, two- and three-bedroom floor plans.
Amenities include a community laundry room, a swimming pool, and ample on-site
parking.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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