Press Releases
Marcus & Millichap Closes $32.6 Million Central Valley California Multifamily Sale
April 08, 2024
CERES, Calif., April 8, 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 The Vineyard, a 212-unit multifamily property in Ceres, California. The asset sold for $32.6 million, or $153,774 per unit.
“The Vineyard is a well-positioned, income-generating property with substantial value-add potential that gives our buyer a significant foothold in a desirable Central Valley multifamily market,” said Jon Mimms, senior managing director investments in Marcus & Millichap’s Fresno office. “On the market for the first time in over 20 years, we generated multiple offers for the property from buyers throughout the state, including Los Angeles and the San Francisco Bay Area.” Mimms represented the seller and procured the buyer.
The property’s location near California State Route 99 and close to bus lines gives residents easy commutes within Ceres or to nearby Modesto. Shopping is nearby at Ceres Plaza Shopping Center, Whitmore Plaza, and Ceres Marketplace. The Bronco Wine Co., which produces the Charles Shaw label has its headquarters in Ceres, and California State University, Stanislaus is within 10 miles of the property.
Built in 1979, The Vineyard has a park-like setting with trees, pathways, and a walking and jogging trail. Community amenities include two swimming pools, five laundry rooms and covered parking. Apartments have open floor plans, large kitchen pantries, and central heating and air conditioning. The average unit size is 671 square feet.
“The Vineyard is a well-positioned, income-generating property with substantial value-add potential that gives our buyer a significant foothold in a desirable Central Valley multifamily market,” said Jon Mimms, senior managing director investments in Marcus & Millichap’s Fresno office. “On the market for the first time in over 20 years, we generated multiple offers for the property from buyers throughout the state, including Los Angeles and the San Francisco Bay Area.” Mimms represented the seller and procured the buyer.
The property’s location near California State Route 99 and close to bus lines gives residents easy commutes within Ceres or to nearby Modesto. Shopping is nearby at Ceres Plaza Shopping Center, Whitmore Plaza, and Ceres Marketplace. The Bronco Wine Co., which produces the Charles Shaw label has its headquarters in Ceres, and California State University, Stanislaus is within 10 miles of the property.
Built in 1979, The Vineyard has a park-like setting with trees, pathways, and a walking and jogging trail. Community amenities include two swimming pools, five laundry rooms and covered parking. Apartments have open floor plans, large kitchen pantries, and central heating and air conditioning. The average unit size is 671 square feet.
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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.
