Marcus & Millichap Brokers the Sale of a 13-Unit Tustin Multifamily Property

TUSTIN, Calif., March 11, 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 15642 Pasadena Avenue, a 13-unit multifamily property located in Tustin, California. The asset sold for $5,675,000.

“With a desirable unit mix featuring mostly three-bedroom townhome units, and the potential for two accessory dwelling units, 15642 Pasadena Avenue drew substantial interest from active Southern California apartment principals,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. “After completing an in-depth marketing campaign, the Leeson Group was able to source a highly qualified investor looking to complete a 1031 Exchange. This buyer offered aggressive terms that were favorable for our seller. This included just a weeklong contingency period, as well as desirable seller financing terms for our client.” Leeson, along with Matthew J. Kipp, first vice president investments in the firm’s Orange County office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was procured by Izzy Sanchez, first vice president investments in Marcus & Millichap’s South Bay office.

Built in 1989, this rare transaction is located at 15642 Pasadena Avenue in Tustin, California. Comprised of four 1-bedroom/1-bath and seven 3-bedroom/2 and a half-bath townhomes, as well as two accessory dwellings, select units have been upgraded with stainless steel appliances, quartz countertops and in-unit laundry. Each unit is equipped with garage parking, private patios and central air and heat. Located just over half a mile from Old Town Tustin, residents have convenient access to unique shops and restaurants. Additionally, 15642 Pasadena Avenue is easily accessible from State Route 55 and Interstate 5, connecting residents to employment hubs throughout the Los Angeles and Orange counties.

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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.