11/20/2008

Marcus & Millichap sell Foster City apartments

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The Kula Kai Apartments, a 42-unit multi-family complex in Foster City, Calif., has been sold by a California-based limited partnership for an amount close to the property's listing price of $10.9 million, or nearly $260,000 per unit.

Tom Doglio of Marcus & Millichap represented the seller and the buyer, a limited liability company.

The Kula Kai is located at 808 Comet Dr. and contains 37,461 square feet. It is comprised of one three-story building on a 54,014-square-foot lot. The apartments sold with a capitalization rate under 5 percent. The acquisition was financed by Freddie Mac.

Address: 808 Comet Dr., Foster City, Calif.

Size: 42 units

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Filed Under: Multi-Family

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