Marcus & Millichap : Sells 44-Unit Multifamily Community in Pomona for $9,900,000 and a Record 3.78% Cap Rate
June 18, 2024 at 02:22 am IST
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Marcus & Millichap Sells 44-Unit Multifamily Community in Pomona for $9,900,000 and a Record 3.78% Cap Rate
June 17, 2024
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POMONA, Calif., April 26, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of North Garey Village Apartments, a 44-unit apartment property located in Pomona, California. The asset sold for $9,900,000.
"We generated tremendous buyer demand given its location and the apartment rehab opportunity," said Douglas McCauley, senior vice president investments in Marcus & Millichap's Inland Empire office. "We negotiated with multiple buyers and closed escrow in 28 days". McCauley and David Covarrubias, first vice president investments in the firm's Inland Empire office, had the exclusive listing to market the property on behalf of the seller, Kot and Offenbecher Trust. The buyer, Flowing Streams LLC, was also procured by McCauley & Covarrubias.
Built in 1963, North Garey Village Apartments is located at 3106 North Garey Avenue in Pomona, California. The property consists of eleven apartment buildings on a 1.57-acre parcel with majority two-bedroom floorplans. Other amenities include single-car garages, on-site laundry facilities, storage rooms, and select units with fireplaces.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
