CASTRO VALLEY, Calif., Dec. 7, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Mosaic Apartments, a recently renovated, 62-unit apartment community in Castro Valley, California.
“Built in 1961, the property has a new modern feel and desirable amenities, thanks to an extensive remodel,” said Adam Levin, senior vice president investments in Marcus & Millichap’s Palo Alto office. “We procured seven offers and more than met our client’s financial goals. The buyer, a local investor in a 1031 exchange, is well positioned to benefit from the East Bay multifamily market’s strong employment fundamentals, low vacancy levels, and rapidly expanding rental demand.”
Levin and Robert Johnston, vice president investments, also in Palo Alto, represented both principals in the transaction.
“Mosaic’s improvements include extensive exterior renovations and approximately half of the apartment interiors have been completely upgraded with high-end designer finishes,” added Johnston. “New ownership has a tremendous opportunity to further increase revenue through the continuation of the renovation program.”
The property is located adjacent to the new Sutter Health Medical Center in Castro Valley at 19972 Stanton Ave.
Mosaic Apartments’ community amenities include a landscaped courtyard with barbecue area, covered carport parking, on-site laundry facilities, a gated electronic entrance, 24-hour emergency maintenance, and a dog park. Interior amenities include oak cabinets, granite countertops, and private patios or balconies.