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120-Unit Complex Changes California Owners

GLENDALE, AZ-With both sides of the deal working 1031 exchanges, a San Rafael, CA investor gets $6.45 million or $150,000 more than the ask from an Northern California buyer for Maryland Gardens, a 92%-leased, class B asset along Ocotillo Road.

By Amy Wolff Sorter | Updated on September 20, 2005

GLENDALE, AZ-A San Rafael, CA private investor has collected $6.45 million or $150,000 more than the ask of the 120-unit Maryland Gardens. The Northern California seller, just like the buyer, is working a 1031 exchange with the gain.

Dan Dulin, a senior associate in Phoenix and associate director for the national multi-housing group of Marcus & Millichap Real Estate Investment Brokerage Co., says the Maryland Gardens at 4529 W. Ocotillo Rd., was on the market for only a week. “We took the first offer that came along,” says Dulin who, with colleague Ric Holway, brokered the deal on behalf of the seller, Miko Davis. Maurice Benitah of Re/Max Real Estate Consultants in San Diego represented the buyer, Max Moyal.

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