Marcus & Millichap Brokers Sale Of Four Multifamily Properties For $67.7M
The Newport Beach office of Marcus & Millichap completed the sale of four multifamily properties totaling 239 units in Orange and San Diego counties for a combined $67.7M.
All four properties — two in Orange County and two in San Diego County — were 1031 exchanges, according to a news release.
“The current market for Southern California multifamily assets is favorable to investors seeking to upgrade or reposition their real estate holdings,” Marcus & Millichap Senior Managing Director Tyler Leeson said in a news release.
Leeson and Marcus & Millichap Senior Associate Drew Holden represented the sellers and found the buyers. The names of the buyers and sellers were not disclosed. A Marcus & Millichap official said there were three different parties involved in the transactions and described them as private, high net worth individuals.
The sold properties include the Adelphi Apartments at 2750 West Yale Ave. and the Franciscan Apartments at 120 North Syracuse St. Both total 105 units and are in Anaheim. The other two properties — the Ocean Breeze Village and Terra Oceanside — total 134 apartments and are in Oceanside.
Marcus & Millichap’s Michael Derk and Nick Gray also arranged a total of $28.5M in acquisition financing for the sale of the two properties in Anaheim and the Terra Oceanside.