Dealmaker: Marcus & Millichap Closes $111M in Multifamily Deals
Marcus & Millichap, Calabasas, Calif., closed $100.5 million in multifamily property sales in California, Virginia and North Carolina.
In Torrance, Calif., Marcus & Millichap sold the 107-unit Rolling Hills Apartment Homes for $49.5 million, or $462,850 per unit.
“Placed on the market for the first time by its longtime owner, the asset gives the buyer a sizeable footprint in Torrance and the opportunity to capitalize on future growth in a prime pocket of the South Bay,” said Tyler Leeson, Executive Managing Director of Investments in Marcus & Millichap’s Orange County, Calif. office. “The submarket has a strong employment base, excellent demographics and a hot single-family housing market that is leading to an ever-increasing affordability gap between renting and homeownership.”
Leeson and Marcus & Millichap’s Kevin King, Nick Kazemi and Matthew Kipp worked with Institutional Property Advisors’ Joseph Grabiec, Kevin Green and Greg Harris to represent the seller and procure the buyer, both private investors.
“The neighborhoods surrounding Rolling Hills Apartment Homes contain single-family homes that have a median price of $2.6 million,” Grabiec said. “The South Bay has a limited multifamily development pipeline and an aged apartment stock that is primarily composed of buildings older than Rolling Hills Apartment Homes.”
Built in 1970 on two acres, the community is accessible from U.S. Route 1 and Crenshaw Boulevard. The Pacific Ocean in Redondo Beach is four miles away.
The firm also sold three apartment properties in Virginia and North Carolina known as the Templeton Portfolio for $61 million. Marcus & Millichap First Vice President of Investment Sales Altay Uzun facilitated the transaction and secured buyer MRKT Capital, New York.
The Templeton Portfolio included 208-unit Green Tree Apartments and 132-unit Oak Grove Apartments in Chesapeake, Va., and 132-unit Emerald Lake Apartments in Elizabeth City, N.C.
