8/8/2008

Wavecrest Development sells Santa Cruz multi-family

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525 Laurel St.

Wavecrest Development sold a 96-unit multi-family community in Santa Cruz, Calif., to Essex Property Trust for $22.05 million.

Jamie D'Alessandro and Brian Henry of Marcus & Millichap represented the seller in the transaction. M&M also represented Essex Property Trust.

The property, located at 525 Laurel St., consists of four commercial units and 87,640 square feet. It consists of a a mix of 96 one- and two-bedroom town home units and four commercial units. The sale price represents a price of $220,500 per unit.

Address: 525 Laurel St., Santa Cruz, Calif.

Size: 96 units

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Filed Under: Multi-Family

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