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| Christopher Zorbas |
CARLSBAD, CA – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, has arranged the
sale of Laguna Palms, a 45-unit,
garden-style apartment building in Carlsbad, Calif.
The $10 million sales price
equates to $222,222 per unit.
Christopher Zorbas, senior vice president investments, and Tom McCartin, vice president
investments, both in Marcus & Millichap’s San Diego office, represented the
seller and secured the buyer.
“Built in 1973, Laguna Palms is positioned
to benefit from the continuation of its renovation program,” says Zorbas. “The
new owner can add significant value by upgrading unit interiors and enhancing
the exteriors.”
The property is located at 935
Laguna Drive in Carlsbad near major transportation arteries. Carlsbad is a
coastal community 35 miles north of San Diego surrounded by mountains, lagoons
and the Pacific Ocean. The city has more than seven miles of beach and
coastline and over 150 acres of developed park land, which provide recreation
year round.
The unit mix at Laguna Palms is 24
one-bedroom/one bath-apartments, 20 two-bedroom/one-bath apartments and one
two-bedroom/one-bath house.
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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