Marcus & Millichap Announces the Sale of 944 Sapphire Street, a 8-Unit Property located in San Diego, California

SAN DIEGO, June 15, 2022 - 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 944 Sapphire Street, a 8-unit apartment property located in San Diego, California. The asset sold for $3,825,000.

Adrian Grobelny and Conor Brennan, investment specialists in Marcus & Millichap's San Diego Downtown office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution. The buyer, a private investor, was secured and represented by Grobelny and Brennan.

The subject property is located at 944 Sapphire Street in the highly-sought after neighborhood of North Pacific Beach. The complex was built in 1970 by one of San Diego's most prolific apartment builders Ray Huffman. The property has five, one-bed / one-bath and three, two-bed / one-bath units. Most of the units remain unrenovated and the building has substantial deferred maintenance.

According to Grobelny, "This property offers investors the unique opportunity to acquire a value-add property in one of San Diego's most popular rental markets. Located only three blocks from Tourmaline Surf Beach and within walking distance of popular bars, restaurants, shops, and attractions, this property attracts the most desirable demographic of tenants."

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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.