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SANTA CRUZ, CALIF. — Marcus & Millichap has arranged the sale of Seaside Apartments, an 84-unit affordable housing property in Santa Cruz. The asset traded for $45 million, or $535,714 per unit.
Comprising five two-story residential buildings and one single-story office and amenities building, Seaside Apartments offers 16 one-bedroom units, 52 two-bedroom apartments and 16 three-bedroom townhome units. Community amenities include a children’s playground, barbecue and picnic area, laundry facilities and carports.
Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer in the deal. The names of the seller and buyer were not released.