Marcus & Millichap closed the sale of Tremont Street Apartments, a 62-unit multifamily property located in Avalon on Santa Catalina Island. The property sold for $8.64 million or $139,419 per unit.
“Affordable housing transactions often require coordination among multiple parties, and this sale was particularly complex due to the ground lease, HUD approval, HAP contract assignment and Freddie Mac loan assumption,” said Arteen Zahiri, associate director investments. “Successfully navigating each of those components allowed the transaction to close while preserving 62 units of affordable housing for the Avalon community.”
Zahiri and Tony Azzi, both members of the Azzi Group in Marcus & Millichap’s Los Angeles office, marketed the property on behalf of the seller, Black Rose Catalina L.P. They also procured the buyer, Tailwind Investment Group.
The property is situated on 1.42 acres and consists of five two-story buildings at 321 Tremont St. in Avalon on Santa Catalina Island. Built in 1983, it operates under a Section 8 Housing Assistance Payments contract and is subject to a ground lease with the Santa Catalina Island Company through 2053.
