Marcus & Millichap arranged the $5.75 million sale of a 16-unit apartment building in Belmont, California, with the seller a local family office and the buyer a local syndication group. The transaction closed at $359,375 per unit, the firm said Aug. 17.

Marcus & Millichap Capital Corporation, the firm's financing arm, secured $3.8 million in acquisition debt for the buyer through a national bank. The loan carries a 5.85 percent interest rate on a 10-year term with 70 percent loan-to-value and a 30-year amortization schedule.

Adam Levin and Robert Johnston, both with Marcus & Millichap's Palo Alto office, represented the family office seller and procured the buyer. Chad O'Connor, an executive managing director in the firm's San Diego office, arranged the financing.

Carlmont Hills Apartments was built in 1962 and sits on a 0.49-acre site at 2401 Carlmont Drive. The property totals 17,478 rentable square feet across 16 two-bedroom, one-bathroom units. Select apartments have been upgraded with granite countertops, wood laminate flooring, stainless steel appliances and new cabinetry.

Each unit includes a private patio or balcony. The building offers covered parking, on-site laundry and a pool.

The property stands near Ralston Avenue with access to Interstate 280, U.S. Route 101, State Route 92 and the Belmont Caltrain Station. Major Silicon Valley employers within commuting distance include Oracle, Electronic Arts, Visa and Sony.

Belmont's limited housing supply and low vacancy support rental growth, Levin said. The buyer acquired the asset with plans to continue interior and exterior renovations, he said.

"Carlmont Hills Apartments offered the buyer an opportunity to acquire a well-maintained asset with meaningful upside through continued interior and exterior renovations," Levin said. "Belmont's limited housing supply, low vacancy and proximity to Silicon Valley's major employment centers continue to support rental growth, positioning the property for long-term appreciation."