Marcus & Millichap Arranges Sale & Financing on San Jose Apartments

Eymon Binesh, First Vice President of Investments at Marcus & Millichap, worked with a private owner to successfully market and sell Rancho Verde Apartments located in San Jose for $8.8 million. The property was 33% vacant at the time of sale and the buyer plans to complete substantial renovations in order to achieve market rents. According to Binesh, “The property transacted at a 6.25% market cap rate and 10 GRM” Chad O’Connor from Marcus & Millichap Capital Corporation’s San Diego office arranged the acquisition financing of $5.85 million for bridge loan purposes..