Marcus & Millichap Closes Castro Valley Apartment Sale
Marcus & Millichap arranged the sale and financing of Park Tower Townhomes & Apartments, a 52-unit multifamily property located at 20353 Park Way in Castro Valley. The asset sold for $16.5 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $10.8 million in acquisition financing.
Palo Alto-based executive managing directors Adam Levin and Robert Johnston, along with associate director Jessica Tomasetti, facilitated the sale of the property. Chad O’Connor, executive managing director with MMCC in the firm’s San Diego office, secured the financing with a national bank on behalf of the buyer. Loan terms include a 30-year term, fully amortized, with a 5.9% interest rate and 65% loan-to-value.
The property offers a mix of one- to three-bedroom units and offers amenities including a pool, fitness center and laundry. Originally built in 1965, Park Tower has undergone a comprehensive renovation.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout