Marcus & Millichap Inc.
08/04/2026 | Press release | Distributed by Public on 08/04/2026 16:38
Marcus & Millichap Brokers $9.75M Sale and $7.3 Million Financing of 73-Unit Multifamily Property in Oakland, California
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Marcus & Millichap Brokers $9.75M Sale and $7.3 Million Financing of 73-Unit Multifamily Property in Oakland, California
August 04, 2026
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OAKLAND, Calif., August 4, 2026 - Marcus & Millichap (NYSE: MMI), 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 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.
"Affordable housing communities with long-term preservation opportunities continue to attract investor interest, particularly when they offer a path to continued improvements while maintaining affordability," said Adam Levin, executive managing director investments. "The transfer of the TCAC agreement allows the buyer to preserve the property's affordability, continue renovating the community and benefit from improving market fundamentals as the East Bay multifamily market continues to recover."
Levin and Robert Johnston, investment specialists in Marcus & Millichap's Palo Alto office, along with Tony Azzi, investment specialist in Marcus & Millichap's 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'Connor, executive managing director, capital markets, based in the firm's 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.
"This transaction is a strong example of Marcus & Millichap's long-term relationships and collaborative platform," said Chad O'Connor. "With 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's 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."
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's 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.
"Affordable housing communities with long-term preservation opportunities continue to attract investor interest, particularly when they offer a path to continued improvements while maintaining affordability," said Adam Levin, executive managing director investments. "The transfer of the TCAC agreement allows the buyer to preserve the property's affordability, continue renovating the community and benefit from improving market fundamentals as the East Bay multifamily market continues to recover."
Levin and Robert Johnston, investment specialists in Marcus & Millichap's Palo Alto office, along with Tony Azzi, investment specialist in Marcus & Millichap's 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'Connor, executive managing director, capital markets, based in the firm's 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.
"This transaction is a strong example of Marcus & Millichap's long-term relationships and collaborative platform," said Chad O'Connor. "With 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's 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."
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's 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.
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About Marcus & Millichap, Inc. (NYSE: MMI)
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. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit https://www.MarcusMillichap.com.
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