TCG Sells 236-Unit Apartment Community In Santa Maria, Calif., For $26.6 Million
Date: 10/22/2007
FOR IMMEDIATE RELEASE
Contact:
Will Dann
Tax Credit Group of Marcus & Millichap
(206) 826-5700
wdann@marcusmillichap.com
TAX CREDIT GROUP OF MARCUS & MILLICHAP SELL 236-UNIT APARTMENT COMMUNITY IN SANTA MARIA, CALIF., FOR $26.6 MILLION
SEATTLE, WA, Oct. 19, 2007 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Vizcaya Apartments, a 236-unit multi-family community in Santa Maria. The sales price of $26.6 million represents $112,712 per unit.
John Walsh, vice president of investments in the Encino office of Marcus & Millichap; Robert Sheppard, vice president of investments in the firm’s Seattle office; and Armand Tiberio and Spencer Hurst, both senior associates in the firm’s Seattle office, represented the seller. The Marcus & Millichap team procured the buyer as well.
“Since Vizcaya Apartments is out of the initial tax-credit compliance period and has been owned by the same ownership entity for 10 years, this Santa Barbara County property presented the buyer with a great opportunity to apply for 4 percent tax credits and tax-exempt financing,” explains Sheppard.
Located at 1720 South Depot St., the 220,864-square foot apartment community consists of 26 two-story buildings situated on a 13-acre lot in Santa Barbara County, home to the Vandenburg Air Force Base and University of California, Santa Barbara.
About the Tax Credit Group of Marcus & Millichap
TCG pioneered the market for Section 42 Low Income Housing Tax Credit assets in 2001, and is the leading real estate brokerage team focused exclusively on LIHTC properties. Its principals have more than 17 years of collective experience in brokering tax credit properties. Leveraging the national platform of Marcus & Millichap Real Estate Investment Brokerage Company, TCG has access to more than 500 multi-family real estate investment specialists and can utilize their local expertise to quickly and efficiently evaluate the desirability, marketability and value of tax credit properties. TCGbprides itself on its proven hands-on approach, generating multiple competitive offers from its connection to more than 5,000 qualified investors.
- END -