SAN DIEGO, April 8, 2020 – 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 a 12-property, 96-unit multifamily portfolio in San Diego, California. The sales price is $23.75 million.
“This transaction is representative of a trend we’re seeing that shows how COVID-19 has impacted investor/lender sentiment in the short term,” said Conor Brennan, first vice president investments in Marcus & Millichap’s San Diego office. “All four transactions we’ve closed in the last two weeks, including this one, have been completed without financing. As lenders began reducing their activity levels in late March, the door opened for private investors with deep pockets and REITs to acquire smaller privately-owned assets.” Brennan represented the seller and procured the buyer. “The buyer plans to fully rehabilitate the properties and bring interiors and exteriors to highest-end finishes, thus increasing San Diego’s market share of stabilized multifamily assets,” added Brennan.
All the properties are located within walking distance of downtown San Diego in the city’s premium Bankers Hill and Golden Hill neighborhoods. They are:
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.