SANTA CRUZ, CALIF. — Marcus & Millichap has arranged the sale of Seaside Apartments, an 84-unit affordable housing community in Santa Cruz. The asset traded hands for $45 million. Seaside Apartments was developed in 1983. The property includes five two-story residential buildings, as well as one single-story office and amenities building.
Amenities include a children’s playground, barbecue and picnic area, laundry facilities and carports. The unit mix includes 16 one-bedroom residences that are 626 square feet, 52 two-bedroom apartments that are 626 square feet and 16 three-bedroom townhouse units that are 1,156 square feet. Income restrictions were not disclosed.
Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap’s office in Palo Alto, California, represented the seller and procured the buyer in the deal. The names of the seller and buyer were not released.