Marcus & Millichap Inc.

03/30/2020 | Press release | Distributed by Public on 03/31/2020 16:18

$20.1 Million Buys Los Angeles County Multifamily Investment Asset

$20.1 Million Buys Los Angeles County Multifamily Investment Asset

March 30, 2020
WHITTIER, Calif.March30,2020 - 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 Seville Apartments, a 77-unit multifamily investment property in Whittier, California. The property sold for $20.1 million, which equates to $261,039 per unit.

'Known as a great place to raise a family, Whittier has strong demographics, such as a median annual household income of $72,000,' said Tyler Leeson, senior managing director in Marcus & Millichap's Newport Beach office. 'Situated close to schools, retail and transportation, Seville Apartments is well suited to provide the buyer with strong returns and value appreciation over the long term.' Leeson and Matt Kipp, first vice president investments, represented the seller and the buyer, both of whom are private investors.

Centrally located in Southern California, Whittier is 12 miles southeast of Los Angeles. Seville Apartments is one mile from the Whittwood Town Center, a 65-acre village shopping center and just over a mile from State Route 72. Carden Academy of Whittier and Scott Avenue Elementary School are within a half-mile of the property and La Mirada High School, the La Mirada Golf Course and Biola University are nearby. Built in 1971 on 2.5 acres, the community has a strong mix of one- and two-bedroom floor plans, 50 or more of which have been upgraded with granite countertops and plank flooring. Community amenities include gated carport parking, on-site laundry, a swimming pool, and a spacious courtyard with a pond, barbecues, and a picnic area.

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About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.