Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GLENDALE, AZ-A San Rafael, CA private investor has collected $6.45 million or $150,000 more than the ask of the 120-unit Maryland Gardens. The Northern California seller, just like the buyer, is working a 1031 exchange with the gain.

Dan Dulin, a senior associate in Phoenix and associate director for the national multi-housing group of Marcus & Millichap Real Estate Investment Brokerage Co., says the Maryland Gardens at 4529 W. Ocotillo Rd., was on the market for only a week. “We took the first offer that came along,” says Dulin who, with colleague Ric Holway, brokered the deal on behalf of the seller, Miko Davis. Maurice Benitah of Re/Max Real Estate Consultants in San Diego represented the buyer, Max Moyal.

The 92%-leased mix consists of 72 one-bedroom units with 624 sf to 744 sf and 48 two-bedroom apartments, each 876 sf. Rents run from $499 to $639 per month.

Dulin tells GlobeSt.com that the property, completed during the 1980s, doesn’t need much in the way of renovations. “It was already in pretty good shape,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.