MARCUS & MILLICHAP FACILITATES SALE OF 208-UNIT APARTMENT PROPERTY IN JACKSONVILLE, FLA FOR $7.12 MILLION

JACKSONVILLE, FLA, April 8, 2009 - Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm, has announced the sale of Pinebrook Apartment Homes, a 208-unit apartment property located in Jacksonville, Fla, according to John Rodiles, Regional Manager of the Long Beach, Calif office. The asset commanded a sales price of $7,120,000.

Stewart Weston, a Senior Vice President Investments in Marcus & Millichap's Long Beach, Calif office, and David Hsieh, an Associate Vice President Investments in Marcus & Millichap's Jacksonville, Fla office, had the exclusive listing to market the property on behalf of the seller, a national public real estate investment trust. The listing agents also represented the buyer, a limited liability company.

The garden-style community features 14 two-story residential buildings. The property offers a resort-like amenity package and is conveniently located in the Central Southside of Jacksonville, just 10 minutes from major employment centers. Pinebrook Apartment Homes is located at 7500 Powers Avenue.

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With more than 1,300 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 3,756 transactions in 2008, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

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