Marcus & Millichap Arranges Sale of 136-Unit Rental Property for Over $33M
- Oct 13, 2009
Millbrae, Calif.–Marcus & Millichap Real Estate Investment Services has brokered the sale of Waterstone Millbrae, a 136-unit, 114,440-sq.-ft. multifamily property in Millbrae, Calif. The sale price of $33,782,500 represents $248,400 per unit and $295 per square foot.
“Despite this being one of the toughest economic periods in recent memory, well-located, well-maintained properties are continuing to drive strong interest among many buyers,” says Stanford Jones, executive vice president investments.
Located at 509 Poplar Ave. in Millbrae, the property is approximately one mile from the Millbrae Caltrain/BART (Bay Area Rapid Transit) station and is close to U.S. Highway 101, interstate routes 280 and 380 and El Camino Real, State Route 82.
Waterstone Millbrae was built in 1971 and was recently remodeled. The property features one- and two-bedroom floor plans averaging 841 square feet. Community amenities include a swimming pool and spa, a cardio-fitness center, clubhouse and abundant parking.