{"id":1004101495,"date":"2014-07-30T20:37:47","date_gmt":"2014-07-31T04:37:47","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=280395"},"modified":"2014-07-30T20:37:47","modified_gmt":"2014-07-31T04:37:47","slug":"marcus-millichap-arranges-trade-of-viking-apartments-in-peninsula-at-above-average-per-unit-price","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arranges-trade-of-viking-apartments-in-peninsula-at-above-average-per-unit-price\/","title":{"rendered":"Marcus & Millichap Arranges Trade of Viking Apartments in Peninsula at Above-Average Per-Unit Price"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

A Peninsula multifamily property recently traded hands in a deal worth $10.8 million. Marcus & Millichap arranged the transaction for the Burlingame, Calif. asset at a per-unit rate of $308,571. The seller is a family that owned the property for around 50 years, while the buyer is another local family trust. Both parties were advised by representatives of Marcus & Millichap\u2019s Palo Alto office, with associate Richard Reisman handling the seller\u2019s end, and vice president investments, Adam Levin, working on behalf of the buyer. \u00a0<\/span>\u00a0<\/span><\/p>\n

The Viking Apartments residential complex in Burlingame offers a total of 35 units. The 1958-built apartment complex is located at 500 El Camino Real in one of Burlingame\u2019s more high-profile neighborhoods. The residential property offers a total of 21,007 square feet of rentable space. According to a press statement announcing the transaction, Adam Levin predicted that Viking Apartments is set to become one of a number of properties in the area that have been acquired, and were then repositioned in order to boost gains from the property.<\/p>\n

\"\"<\/a><\/p>\n

Sales Trends for Metro San Francisco<\/p>\n<\/div>\n

According to Marcus & Millichap\u2019s San Francisco Metro Area Apartment Market Report for Q2 of 2014, the average sales price for multifamily properties stood at around $264,300 per unit for the last year. That means that the market has recorded a 17 percent increase over the previous 12 months, while buyers are reportedly still setting their sights on assets that bear value-add potential. This makes the aforementioned deal an above-market transaction with a per-unit sales price of more than 40k compared to the Metro Area\u2019s average.<\/p>\n

The report mentions that the market\u2019s immediate future remains with buyers that can navigate local legal constraints of the low-yield market. Purchases might require an immediate capital infusion immediately afterwards, with amenity enhancement the primary focus.<\/p>\n

Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

A Peninsula multifamily property recently traded hands in a deal worth $10.8 million. Marcus & Millichap arranged the transaction for the Burlingame, CA asset at a per-unit rate of $308,571. The seller is a family that owned the property for around 50 years, while the buyer is another local family trust. Both parties were advised by representatives of Marcus & Millichap’s Palo Alto office, with associate Richard Reisman handling the seller’s end, and vice president investments, Adam Levin, working on behalf of the buyer.<\/p>\n","protected":false},"author":137,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1609],"tags":[1815],"class_list":["post-1004101495","post","type-post","status-publish","format-standard","hentry","category-latest","category-san-francisco","tag-national"],"acf":[],"yoast_head":"\nMarcus & Millichap Arranges Trade of Viking Apartments in Peninsula at Above-Average Per-Unit Price - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-arranges-trade-of-viking-apartments-in-peninsula-at-above-average-per-unit-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcus & Millichap Arranges Trade of Viking Apartments in Peninsula at Above-Average Per-Unit Price\" \/>\n<meta property=\"og:description\" content=\"A Peninsula multifamily property recently traded hands in a deal worth $10.8 million. 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