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Marcus & Millichap Brokers the Sale of Tranquilla Apartments, a 20-Unit Apartment Building in Carlsbad

November 18, 2022

CARLSBAD, Cali., November 18, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Tranquilla Apartments, a 20-unit apartment property located in Carlsbad, California. The asset sold for $9,300,000.

The buyer, The Katz Family Limited Partnership, was procured by Conor Brennan, first vice president investments in Marcus & Millichap’s San Diego Downtown office. Brennan also arranged the 1031 exchange into the asset from two separate downtown San Diego apartment communities and negotiated a partial seller carry-back on for one of the buyer’s downleg properties.

Tranquilla Apartments is located at 945 Pine Avenue in Carlsbad, California, just seven blocks to the beach. Units are comprised of eighteen (18) one-bedroom /one-baths and two studio units. Construction was completed the date of sale with 90% occupancy.


 

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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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