Marcus & Millichap : Announces the Sale of a Seven-Unit Apartment Complex in San Diego
September 27, 2022 at 06:36 pm EDT
Share
Press Releases
Marcus & Millichap Announces the Sale of a Seven-Unit Apartment Complex in San Diego
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 4411 Louisiana Street, a seven-unit apartment complex located in San Diego, California. The asset sold for $3,300,000.
Ben Sierpina, senior associate in the San Diego Downtown office, and Raymond Choi, senior vice president investments also in the firm's San Diego Downtown office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The property sold at list price and generated multiple offers during the marketing process. The buyer, a limited liability company, was also procured by Sierpina and Choi. Both the seller and buyer participated in 1031 exchanges, with the seller participating in a forward 1031 exchange and the buyer participating in a reverse 1031 exchange.
The asset is located at 4411 Louisiana Street in the popular neighborhood of University Heights. Unit layouts are large with the unit mix consisting of three (3) two-bedroom/one-bath units and four (4) one-bedroom/one-bath units. The property has been extensively renovated and features significant upside in rents. Amenities include gated access, on-site laundry, one (1) double-car garage, and seven (7) off-street parking spaces. At the time of sale, this transaction is both the highest price per square-foot and price per unit in the University Heights submarket of this year.
# # #
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.
Attachments
Original Link
Original Document
Permalink
Disclaimer
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. 
