Dealmaker: Marcus & Millichap Closes $49M in Multifamily Transactions
Marcus & Millichap, Calabasas, Calif., closed $49.3 million in multifamily transactions in California and Arizona.
The firm brokered four apartment property sales totaling $28.3 million in Los Angeles County, Calif. Steve Bogoyevac, Alexander Garcia Jr., Greg Harris, Kevin Green and Paul Darrow represented the seller and procured four separate buyers for the Braverman Portfolio.
“The properties were restricted by several layers of complexity, including low-income designations, senior-living restrictions, the Los Angeles Rent Stabilization Ordinance and recently enacted AB1482, California’s statewide rent control,” said Bogoyevac.
The portfolio included:
–2736 Pomeroy Ave., a 54-unit building in Los Angeles’ Boyle Heights area
–22816 Market St., a 65-unit, 55-plus active adult community in Santa Clarita
–13002 Dronfield Ave., a 20-unit building in Sylmar
–44942 Cedar Avenue, an 80-unit seniors housing community in Lancaster
“The new laws presented a challenge at first because anything new generally gives pause to investors, but we quickly focused our efforts on long-term, patient capital and 1031 exchange investors who were perfectly comfortable with the maximum allowable increase now put in place,” Garcia said.
In Phoenix, the firm sold 155-unit apartment property Revival on Thomas for $21 million, or more than $135,000 per unit.
Revival on Thomas is just south of the Arcadia submarket, which houses some of the metropolitan area’s most expensive real estate. “The area’s growing number of restaurants, bars, breweries and shopping centers has made this area a viable alternative to living in downtown Phoenix, Tempe or Scottsdale for young professionals,” said Rich Butler, Senior Vice President of Investments in Marcus & Millichap’s Phoenix office. Butler negotiated the sale for the local private investor seller.
The property at 5008 East Thomas Road is near Phoenix Sky Harbor International Airport, the Phoenix Zoo and Camelback Mountain. Built in 1979 and renovated in 2018, Revival on Thomas has studio, one- and two-bedroom units.