Marcus & Millichap Arranges the Sale of Casa Florencia in San Diego

SAN DIEGO, CA., February 28, 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 Casa Florencia, a 12-unit apartment property located in San Diego, California. The asset was sold for $5,300,000.

“After owning and managing the apartments for over 50 years, the sellers wanted to exchange their capital out of state into a passive investment while increasing their cashflow and reducing the stress of hands-on operations,” said Cole Silverman, investment associate in Marcus & Millichap’s San Diego Del Mar Office.

Silverman and Trujillo, first vice president investments in the firm’s San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller, a private investor; “We were able to negotiate no seller credits during escrow and closed the sellers 1031 exchange property 11-days after closing Casa Florencia” added Silverman. Silverman and Trujillo were able to generate multiple competing offers and close with an all-cash buyer, Valentino Properties, Inc., a California corporation.

Casa Florencia is located at 1433 Thomas Avenue in San Diego, California. Built in 1972, the property has nine 1-bedroom, 1-bath, one 2-bedroom, 1-bath and two 2-bedroom, 2-bath apartments.

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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.