Marcus & Millichap arranges $4.8 million sale

Marcus & Millichap has completed the sale of 1917 Ave. O, a 28-unit apartment property, according to John Horowitz, a regional manager at the firm. The asset sold for $4.8 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Bestreich, Sproviero and Rodriguez. "At over 170,000 per unit, we set a high water mark for a Midwood multifamily asset. The new owner will be substantially investing in the property to maximize its potential," said Bestreich.

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