Marcus & Millichap Brokers $9.75M Sale and $7.3M Bridge Loan for 73-Unit Oakland Affordable Housing Community

Marcus & Millichap has arranged the $9.75 million sale and $7,312,500 in acquisition financing for Garden Villas Apartments, a 73-unit affordable multifamily community at 1256 99th Avenue in East Oakland, California, the firm announced August 4, 2026.

The transaction involved a Southern California LLC as seller and a local buyer experienced with the Oakland market. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured the bridge loan through a national bridge lender on behalf of the buyer.

Deal Structure and Financing Terms

The acquisition bridge loan carries a 12-month term at 75 percent loan-to-value with full-term interest-only payments. At $9.75 million, the trade values the property at approximately $133,562 per unit and roughly $196 per rentable square foot across the property's 49,716 rentable square feet.

Chad O'Connor, executive managing director, capital markets, based in Marcus & Millichap's San Diego office, arranged the financing. O'Connor noted that the loan was funded by a former Marcus & Millichap employee who went on to lead the bridge lender's platform.

"This transaction is a strong example of Marcus & Millichap's long-term relationships and collaborative platform," O'Connor said. "With Adam Levin representing the buyer, Tony Azzi and his team representing the seller, MMCC arranging the financing, and the loan funded by a former Marcus & Millichap employee who went on to lead the bridge lender's platform, this was far more than a standard closing. The LIHTC components, existing debt and other moving parts required more than six months of coordination to bring the transaction to a successful close."

TCAC Agreement Transfer and Affordability Preservation

A central element of the transaction was the transfer of a California Tax Credit Allocation Committee (TCAC) regulatory agreement to the buyer. TCAC agreements govern Low-Income Housing Tax Credit (LIHTC) properties, restricting rents and income levels for a defined compliance period. The transfer allows the buyer to maintain the property's affordability restrictions while continuing renovations and pursuing value-add improvements.

The complexity of transferring the TCAC agreement, combined with existing debt and LIHTC components, required more than six months of coordination to close the deal, according to O'Connor.

"Affordable housing communities with long-term preservation opportunities continue to attract investor interest, particularly when they offer a path to continued improvements while maintaining affordability," said Adam Levin, executive managing director investments. "The transfer of the TCAC agreement allows the buyer to preserve the property's affordability, continue renovating the community and benefit from improving market fundamentals as the East Bay multifamily market continues to recover."

Property Overview: Garden Villas Apartments

Built in 1943, Garden Villas Apartments sits on a 3.43-acre parcel in East Oakland. The property comprises 18 residential buildings totaling 49,716 rentable square feet, plus a separate building housing a leasing office and manager's unit. The 73-unit mix includes 60 two-bedroom, one-bath units and 12 one-bedroom, one-bath units. More than half of the apartment units have been renovated, and the property offers private parking and shared laundry facilities.

The East Oakland location provides residents with access to Interstate 880, several BART stations, and the Port of Oakland, placing the community near major employment centers throughout the East Bay.

Brokerage Team

Adam Levin and Rob Johnston, investment specialists in Marcus & Millichap's Palo Alto office, along with Tony Azzi, investment specialist in Marcus & Millichap's Los Angeles office, held the exclusive listing on behalf of the seller and procured the buyer.

About Marcus & Millichap

Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion.

Sources: Marcus & Millichap Press Release — Garden Villas Apartments