October 2, 2016 Comments Off on Marcus & Millichap Closes $60.2M Coastal MF Deal Views: 417 California News, Orange County, West

Marcus & Millichap Closes $60.2M Coastal MF Deal

Calabasas, CA-based Marcus & Millichap’s Institutional Property Advisors (IPA) division closed the $60.25-million sale of Casa Monterrey, a 208-unit apartment community in Huntington Beach, CA. The buyer was San Jose, CA-based Saratoga Capital Inc. The seller was an unnamed local family office.

Originally built in 1970, the property underwent more than $4.2-million in capital improvements since 2007. Yet, an opportunity still exists to “elevate the standard of rental living via targeted interior and community enhancements,” says Marcus & Millichap’s Joseph Berkson.

IPA’s Stewart I. Weston says, “a wide range of investor profiles” were attracted to “an institutionally sized multifamily asset in coastal Orange County with a value-add component.”

Berkson and Weston, along with IPA’s Christopher Zorbas, Alexander Garcia, Jr., David Sperling and John Montakab represented the seller, and procured the buyer.

Read More at Business Wire

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