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7/29/14
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Viking Apartments, a 35-unit apartment property in the Bay Area Peninsula city of Burlingame, sold for $10.8 mil ($308.6k/unit). Located at 500 El Camino Real, two blocks from the city’s downtown, the asset was acquired by a local family trust.
Built in 1958, the property contains a total of 21k sf of space. It was sold by members of a family that owned the property for over 50 years.
Tom Doglio, vice president investments, and Richard Reisman, associate, both in Marcus & Millichap’s Palo Alto office, represented the seller in the transaction. Adam Levin, vice president investments, also in the firm’s Palo Alto office, reppedresented the buyer.
“The acquisition of Viking Apartments provides the new owner with an outstanding opportunity to reposition the property through both renovation and resetting the existing rents, which are currently significantly below market rate,” says Levin. “Nearby properties that have recently executed similar strategies are now demonstrating significant gains.”
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