Marcus & Millichap closes $10 million deal

1960s property contains mostly 1-, 2-bedroom units

Marcus & Millichap arranged the sale of the 144-unit Whispering Apartments in Hemet, Calif. The value of the transaction was $10.4 million. Whispering Apartments is located at 201 S. Yale St. The property was constructed in 1969 and recently refurbished. The sale includes 124,402 rentable square feet on approximately 5.5 acres. The unit mix is comprised of four studio, 53 one-bedroom, 70 two-bedroom and 17 three-bedroom apartments, ranging in size from 551 to 1,300 square feet. Indianapolis-based Pedcor Investments sold the property to La Jolla, Calif.-based Pacific Gilmore Villas LLC. At the time of sale, occupancy was 96 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to