{"id":424126,"date":"2026-08-05T03:20:25","date_gmt":"2026-08-05T03:20:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/424126\/"},"modified":"2026-08-05T03:20:25","modified_gmt":"2026-08-05T03:20:25","slug":"garden-villas-apartments","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/424126\/","title":{"rendered":"Garden Villas Apartments"},"content":{"rendered":"

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

Marcus & Millichap (NYSE: MMI)<\/a>, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Garden Villas Apartments<\/a>, a 73-unit multifamily property in Oakland, California. The property sold for $9.75 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $7,312,500 million in acquisition financing.<\/p>\n

\u201cAffordable housing communities with long-term preservation opportunities continue to attract investor interest, particularly when they offer a path to continued improvements while maintaining affordability,\u201d said Adam Levin, executive managing director investments. \u201cThe transfer of the TCAC agreement allows the buyer to preserve the property\u2019s affordability, continue renovating the community and benefit from improving market fundamentals as the East Bay multifamily market continues to recover.\u201d<\/p>\n

Levin and Robert Johnston, investment specialists in Marcus & Millichap\u2019s Palo Alto office, along with Tony Azzi, investment specialist in Marcus & Millichap\u2019s Los Angeles office, had the exclusive listing to market the property on behalf of the seller, a Southern California LLC, and procured the buyer, a local resident experienced with the Oakland market.
Chad O\u2019Connor, executive managing director, capital markets, based in the firm\u2019s San Diego office, secured the financing with a national bridge lender on behalf of the buyer. The loan features a 12-month term at 75 percent loan-to-value with full-term interest only payments.<\/p>\n

\u201cThis transaction is a strong example of Marcus & Millichap\u2019s long-term relationships and collaborative platform,\u201d said Chad O\u2019Connor. \u201cWith Adam Levin representing the buyer, Tony Azzi and his team representing the seller, MMCC arranging the financing, and the loan funded by a former Marcus & Millichap employee who went on to lead the bridge lender\u2019s platform, this was far more than a standard closing. The LIHTC components, existing debt and other moving parts required more than six months of coordination to bring the transaction to a successful close.\u201d<\/p>\n

Built in 1943, Garden Villas is situated on a 3.43-acre parcel at 1256 99th Ave. in Oakland. The 49,716-rentable-square-foot property consists of 18 residential buildings with 73 apartment units, including 60 two-bedroom, one-bath units and 12 one-bedroom, one-bath units, as well as a separate building with a leasing office and manager\u2019s unit. More than half of the apartment units have been renovated, and the property offers private parking and shared laundry facilities. The property is in East Oakland with convenient access to Interstate 880, several BART stations and the Port of Oakland, placing residents near major employment centers throughout the East Bay.<\/p>\n

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. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end.<\/p>\n

<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research…\n","protected":false},"author":2,"featured_media":424127,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[45790,163234,45720,56401,45794,17746,143,145,144,12851,14808,169184,169185],"class_list":["post-424126","post","type-post","status-publish","format-standard","has-post-thumbnail","category-oakland","tag-acquisition-financing","tag-garden-style","tag-lihtc","tag-low-income-housing","tag-marcus-millichap","tag-multifamily","tag-oakland","tag-oakland-headlines","tag-oakland-news","tag-oakland-california","tag-renovation","tag-transit-oriented","tag-vintage-building"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/424126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=424126"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/424126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/424127"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=424126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=424126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=424126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}