Marcus & Millichap Arranges $23.2 Million Multifamily Portfolio Sale

  Marcus & Millichap Arranges $23.2 Million Multifamily Portfolio Sale

Business Wire

REDWOOD CITY, Calif. -- 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.
“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.”

About Marcus & Millichap (NYSE: MMI)

With over 1,300 investment professionals located throughout the United States
and Canada, Marcus & Millichap is a leading specialist in commercial real
estate investment sales, financing, research and advisory services. Founded in
1971, the firm closed over 6,600 transactions in 2013 with a value of
approximately $24 billion. The company has perfected a powerful system for
marketing properties that combines investment specialization, local market
expertise, the industry’s most comprehensive research, state-of-the-art
technology, and relationships with the largest pool of qualified investors. To
learn more, please visit: www.MarcusMillichap.com

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Contact:

Marcus & Millichap
Gina Relva, 925-953-1716
Public Relations Manager
 
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