TODAY’S DEALS: Marcus & Millichap Arranges Sale of 560-Unit Community for Over $54M
- Jan 02, 2009
By Anuradha Kher, Online News EditorVallejo, Calif.–Marcus & Millichap Real Estate Investment Services recently arranged the sale of Blue Rock Village, a 560-unit multifamily community in Vallejo, Calif., for $54.4 million.Stanford Jones, an executive vice president and senior director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Palo Alto, and Phil Saglimbeni and Sal Saglimbeni, both senior directors of the firm’s NMHG in Palo Alto, represented the seller, a publicly traded REIT. Marcus & Millichap also represented the buyer, a San Francisco-based private ownership group.“While capital markets turmoil has rendered it very difficult for most institutional buyers to successfully acquire assets, well-capitalized private groups will continue to be well positioned given the current environment,” says Jones. “Even in a challenging market, this transaction is evidence that properly marketed, quality assets will attract strong buyers,” adds Phil Saglimbeni.Located at 1900-2000 Ascot Parkway—11 miles from the Napa Valley—the 448,256-sq. ft. apartment community is also situated near the Blue Rock Springs Golf Course and National Park, Six Flags Marine World, historic Mare Island and Old Town Benicia. Blue Rock Village features a mix of one- and two-bedroom units. Interior amenities include private balcony or patio, walk-in closets and covered parking. Community amenities include swimming pools and spa, a well-equipped fitness center, picnic areas and gated community living.84-Unit Buckingham Manor Apartments Sold for $3.49MAurora, Colo.–Rancho Palos Verdes sold the Buckingham Manor Apartments in Aurora, Colo., to Buckingham LLC for $3.49 million, or approximately $41,548 per unit. The 49,240-sq.-ft. multifamily property at 110-1160 S. Joliet St. was constructed in 1970 and has R-4 zoning. It features 84 units with a mix of 64 one-bedroom apartments and 20 two-bedroom units. The property is surrounded by “The Garden on Havana” redevelopment, which will include several large national retailers and restaurants.