Market Overview

San Gabriel Valley Multifamily Asset Sold by IPA for $78.5 Million

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Institutional Property Advisors (IPA), a division of Marcus & Millichap
(NYSE:MMI), announces the sale of Trails at San Dimas, a 288-unit
apartment property in San Dimas, California. The asset sold for $78.5
million, or $272,569 per unit.

"Trails at San Dimas is a sizeable asset in a primary market that gives
the new ownership an excellent strategic value-add opportunity," said
Kevin Green, an IPA senior managing director. "San Dimas continues to be
a heavily supply-constrained market; there is a lack of available land
and aggregating parcels is difficult. Only 156 units have been added to
the apartment stock in San Dimas in the last 10 years, and the average
vacancy is 2.5 percent."

Green, Greg Harris, IPA executive director, and Joseph Grabiec, IPA
senior director, represented the sellers, Stockbridge Capital Group and
CNS Focused Investments, and procured the buyer, Korda Group.

"Located near the San Gabriel Valley's major medical, tech and
industrial sectors, the property provides tenants access to a vast array
of employment opportunities in Orange County, the Inland Empire and
Central Los Angeles," added Grabiec. "Its location expands the renter
pool, promotes above-average rent growth and high occupancy levels."

About Marcus & Millichap (NYSE:MMI)

With over 1,800 investment sales and financing professionals located
throughout the United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed nearly
9,000 transactions in 2017 with a value of approximately $42.2 billion.
Marcus & Millichap has perfected a powerful system for marketing
properties that combines investment specialization, local market
expertise, the industry's most comprehensive research, state-of-the-art
technology, and relationships with the largest pool of qualified
investors. To learn more, please visit: 
www.MarcusMillichap.com.

About Institutional Property Advisors

With a network of senior-level investment advisors located throughout
the United States, Institutional Property Advisors (IPA) is qualified to
meet the needs of institutional and major private investors. IPA's
combination of real estate investment and capital markets expertise,
industry-leading technology, superior support services and acclaimed
research offer customized solutions for the acquisition and disposition
of institutional properties and portfolios. 
www.IPAusa.com

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