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Marcus & Millichap Closes Sale of Apartment and Retail Portfolio
Marcus & Millichap closed the sale of a nine-property portfolio of eight apartment buildings and a four-tenant retail center in Fontana. The properties sold for $25,486,000.
“We conducted over 50 property tours, generated more than 30 offers, negotiated nonrefundable and pass-through deposits for the seller, and closed with six different buyers,” said Douglas McCauley, senior managing director investments in Marcus & Millichap’s Ontario office. “We closed all the apartment transactions at a sub 4% capitalization rate and each transaction was either all-cash or seller financed and closed quickly.”
McCauley, along with Marcus & Millichap’s David Covarrubias and Bruce Rajaee, represented the seller, EK Apartments LLC, and procured the buyers.
The portfolio has 108 residential units and a 10,627-square-foot retail center 100% occupied by a mini mart, laundromat, restaurant and dessert shop. Constructed mostly in the 1980s, the residential assets have primarily two-bedroom floor plans with 70% below market rents.
- ◦Sale/Acquisition
