Central Coast California Multifamily Asset Sells for $25.25 Million
SEASIDE, Calif., April 6, 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 Del Sol Apartments, a three-parcel, 121-unit apartment community in Seaside, California. The property sold for $25.25 million.
“Del Sol Apartments is located less than a mile from Monterey State Beach within a historically strong rental market with low vacancy levels,” said Eduardo Cerna, senior managing director investments in Marcus & Millichap’s Palo Alto office. “Investors find this market very attractive and we generated multiple offers. Seaside has seen considerable development over the past year, including California State University Monterey Bay’s main campus, which is on the site of the former military base Fort Ord in Seaside and Marina.” Cerna represented the seller, San Jose, California-based 1050 S. 12th St. LLC. and procured the buyer, Sea Breeze LLC.
The property is close to retail, dining and many outdoor recreational areas, including golf courses and Fort Ord Dunes State Park and the Fort Ord National Monument. San Francisco, San Jose, Big Sur, and Salinas are all within a two-hour drive of Seaside, which is easily accessible from California State Route 1, Route 218, and Monterey Regional Airport. Built between 1964 and 1974 on 3.09 acres, the 12-building, 98,105-rentable-square-foot community has received many capital improvements, including all new decks and balconies, new double-paned windows, retrofitted garages, office upgrades and a new heating system.
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With over 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 8,954 transactions in 2020 with a value of approximately $43 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.