Marcus & Millichap Closes $25M Sale of Monterey Bay Asset
Senior Managing Director Eduardo Cerna represented the seller in the disposition of the 121-unit community in Seaside, Calif.
Marcus & Millichap has brokered the $25.3 million sale of Del Sol Apartments, a 121-unit community in Seaside, Calif. Senior Managing Director Eduardo Cerna represented the seller, a San Jose-based company, and procured the buyer, a private investor.
Situated on more than 3 acres at 1881 Baker St., Del Sol consists of 12 buildings developed between 1964 and 1974. The unit mix features one- to three-bedroom options, ranging between 475 and 1,400 square feet, accord to the property website. Amenities include laundry facilities and on-site parking. The property underwent capital improvements, including new decks and balconies, double-pane windows, retrofitted garages and a new heating system.
Del Sol Apartments is close to the city center and less than 1 mile west of Monterey State Beach. There are many shops, restaurants and parks in the immediate area, including Fort Ord Dunes State Park. California State University Monterey Bay’s main campus is some 3 miles northeast.
Earlier this month, Marcus & Millichap’s Levin Johnston arranged the sale of an 18-unit community in San Jose, Calif., in a 1031 exchange. Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston facilitated the transaction