Marcus & Millichap Procures the Sale of a Seven-Unit Multifamily Property
SAN MARCOS, Cali, September 11, 2023 – 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 The Mariposa, a seven-unit apartment property located in San Marcos, California. The asset sold for $3,175,000.
Tom McCartin, senior vice president investments, in Marcus & Millichap’s San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Multiple offers were generated and a buyer, in an exchange out of a Vacation Rental in Bozeman, Missouri, was chosen. The buyer, represented by Ray Adams with Kidder Matthews, closed all cash within two weeks, and plans to refinance and hold the property long-term,” says McCartin.
The Mariposa is located at 195 Johnston Lane in San Marcos, California. The property was beautifully rehabbed and upgraded in 2020. Prior to going to market the Seller added a fully permitted ADU (Accessory Dwelling Unit) making the property seven legal units.
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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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.