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Marcus & Millichap Brokers the Sale of Waterstone Apartments in Long Beach, California

June 10, 2024

LONG BEACH, Calif. June 10, 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 Waterstone Apartments, a 27-unit apartment property located in Long Beach, California. The asset sold for $5,950,000.

“Our marketing campaign produced multiple qualified offers for the property. The selected buyer was a repeat client completing a 1031 exchange with the intent of adding additional units to their portfolio. Prior to the closing, the seller held this property for a few decades, only deciding to sell the property to consider less management intensive properties,” said Nicholas Kazemi, first vice president investments in Marcus & Millichap’s Orange County office. “They will be completing a 1031 exchange into an out-of-state NNN leased asset with no management responsibility, more than doubling their cashflow. The successful closing of the seller’s exchange will be in partnership with our NNN Leased Team and inventory sourced from their network of available inventory.” Kazemi, along with Matthew J. Kipp, first vice president investments in the firm’s Orange County office, had the exclusive listing to market the property on behalf of the seller, a family trust. Kazemi and Kipp also procured a local buyer.

Waterstone Apartments is located at 1600 Stanton Place in Long Beach, California. The property has a desirable mix of one and two-bedroom floor plans, with private balconies and patios in select units. One-third of the units have substantial upgrades and renovations and secure and gated access to 23 garage spaces and eight large storage spaces. Residents are near schools, parks, grocers and retailers.

 

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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.

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