Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Manteca Golf & Tennis Villas, a 56-unit multifamily property in Manteca, California.
“Manteca Golf & Tennis Villas’ Central Valley location places it in the midst of an economically expanding region with an acute housing shortage,” said Stephen Jackson, senior director in Marcus & Millichap’s San Francisco office. Jackson and Joe Owens, Marcus & Millichap senior director, represented the seller. Levin Johnston of Marcus & Millichap procured the buyer. “Manteca, located in the Central Valley of California, has become a focal point for job growth in logistics, distribution, advanced manufacturing, and healthcare, yet has struggled to keep pace with housing production,” said Owens. Joshua Velo of Levin Johnston stated: “Leveraging our team’s network at Levin Johnston, we were able to successfully guide our client through the acquisition of Manteca Golf & Tennis Villas, a turnkey multifamily asset that was strategically targeted due to proximity to the San Francisco Bay Area, strong economic and employment growth, and sustained rental demand.”
The property is surrounded by the Manteca Park Golf Course and Manteca Tennis Courts. Interstate 5, Interstate 99, and Highway 120 are close by and The Promenade Shops at Orchard Valley is within walking distance. The Lathrop/Manteca train station, Kaiser Permanente Manteca Medical Center, and the Stadium Center shopping mall are within a short drive…