Marcus & Millichap Announces $17M Sale of Atherton Court
- Mar 01, 2017
Redwood City, Calif.—Marcus & Millichap announced the $17.1 million sale of Atherton Court Apartments, a 55-unit, two-story community located on two contiguous land parcels in Redwood City, Calif. Taylor Flynn, first vice president of investments in Marcus & Millichap’s San Francisco office, along with Philip Batlin, vice president of investments, also in San Francisco, represented the seller, a private investor and procured the buyer, a non-profit corporation.
The property, which was built in 1961, consists of two buildings, a 30-unit building located at 3762-3770 Rolison Rd., and the 25-unit 3752 Rolison Rd. According to Yardi Matrix data, the property was 94.5 percent occupied as of January 2017.
“Our marketing efforts produced multiple offers and we closed at above the listing price,” Taylor Flynn, said in prepared remarks. “Interest came from both institutional and private capital sources.”
The transaction marks the seventh sale Flynn and Batlin have completed on behalf of this client in the last 12 months.
Image courtesy of Yardi Matrix