Marcus & Millichap Inc.
10/23/2024 | Press release | Distributed by Public on 10/23/2024 17:32
Marcus & Millichap Brokers $45 Million Affordable Housing Asset Sale in Northern California
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Marcus & Millichap Brokers $45 Million Affordable Housing Asset Sale in Northern California
October 23, 2024
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SANTA CRUZ, Calif., Oct. 23, 2024 - 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 Seaside Apartments, a 84-unit affordable housing asset in Santa Cruz, California. The $45 million sales price equates to $535,714 per unit.
"Located in a highly constrained multifamily market with little affordable housing, Seaside Apartments was on the market for the first time since it was developed in 1983," said Mitchell Zurich, senior managing director investments in Marcus & Millichap's Palo Alto office. "The property is a garden-style multifamily asset with a Project-Based Section 8 Housing Assistance Payments contract for 100% of the units." Zurich and Marcus & Millichap's Kirk Trammell, David Cutler and Joshua Johnson represented the seller and procured the buyer.
Seaside Apartments is within walking distance of shopping, beaches, and parks, near Capitola, Capitola Village, and Pleasure Point. The property has five two-story residential buildings and one single-story office and amenities building on over four acres. The 16 one-bedroom units are 626 square feet, the 52 two-bedroom apartments are 856 square feet, and the 16 three-bedroom townhouse units are 1,156 square feet. Community amenities include a children's playground, barbecue and picnic area, laundry facilities and carports.
"Located in a highly constrained multifamily market with little affordable housing, Seaside Apartments was on the market for the first time since it was developed in 1983," said Mitchell Zurich, senior managing director investments in Marcus & Millichap's Palo Alto office. "The property is a garden-style multifamily asset with a Project-Based Section 8 Housing Assistance Payments contract for 100% of the units." Zurich and Marcus & Millichap's Kirk Trammell, David Cutler and Joshua Johnson represented the seller and procured the buyer.
Seaside Apartments is within walking distance of shopping, beaches, and parks, near Capitola, Capitola Village, and Pleasure Point. The property has five two-story residential buildings and one single-story office and amenities building on over four acres. The 16 one-bedroom units are 626 square feet, the 52 two-bedroom apartments are 856 square feet, and the 16 three-bedroom townhouse units are 1,156 square feet. Community amenities include a children's playground, barbecue and picnic area, laundry facilities and carports.
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About Marcus & Millichap, Inc. (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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.