Marcus & Millichap Arranges $8.64M Sale of 62-Unit Multifamily Property in Santa Catalina Island California

Marcus & Millichap's Azzi Group Handles Sale of Section 8 Housing on Catalina Island

Marcus & Millichap closed the sale of Tremont Street Apartments, a 62-unit multifamily property located in Avalon on Santa Catalina Island. The property sold for $8.64 million or $139,419 per unit. “Affordable housing transactions often require coordination among multiple parties, and this sale was particularly complex due to the ground lease, HUD approval, HAP contract assignment and Freddie Mac loan assumption,” said Arteen Zahiri, associate d…

Marcus & Millichap Arranges $8.64M Sale of 62-Unit Multifamily Property in Santa Catalina Island California

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Tremont Street Apartments, a 62-unit multifamily property located in Avalon on Santa Catalina Island. The property sold for $8.64 million or $139,419 per unit. “Affordable housing transactions often require coordination […]