SPRING VALLEY, CA—Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has completed the sale of Oakbrook Ridge, a 128-unit multifamily complex here. The $26 million sales price equates to $203,125 per unit.
“Located within a supply constrained submarket less than 30 minutes from many of the major employment hubs in San Diego County, Oakbrook Ridge presents new ownership with an value-add opportunity to be gained through the continuation of the interior unit renovation program and the implementation of common area and amenity improvements,” says Christopher Zorbas, IPA senior director.
Zorbas, along with Stewart Weston, IPA executive director, Alexander Garcia, senior director, David Sperling, director, and John Montakab, associate director, represented the seller, and procured the buyer, a joint venture between Stratford Partners and LLJ Ventures.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
