Marcus & Millichap : Announces the Sale of Redwood Terrace, an 18-Unit Apartment Complex in San Diego’s North Park Neighborhood
September 27, 2022 at 06:36 pm EDT
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Marcus & Millichap Announces the Sale of Redwood Terrace, an 18-Unit Apartment Complex in San Diego's North Park Neighborhood
September 27, 2022
SAN DIEGO, September 27, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Redwood Terrace, an 18-unit apartment complex located in San Diego, California. The asset sold for $8,075,725.
Ben Sierpina, senior associate, and Raymond Choi, senior vice president investments, both in Marcus & Millichap's San Diego Downtown office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a group of investors led by David Hamilton, was also procured by Sierpina and Choi. This is the first time the property has been on the market in over 15 years, and both the seller and buyer participated in a 1031 exchange.
Redwood Terrace is located at 3112 30th Street and rests on the boundary between the highly desirable neighborhoods of North Park and South Park. Unit layouts are large with the unit mix consisting of four (4) two-bedroom/two-bath units, six (6) two-bedroom/one-bath units, and eight (8) one-bedroom/one-bath units. Originally constructed in 1964, the property has been extensively renovated and features significant upside in rents. Amenities include a large courtyard with a barbecue grill area, gated access, on-site laundry, and twenty (20) off-street parking spaces.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 27 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2022 22:35:03 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
