Press Releases
Marcus & Millichap Arranges $8.64M Sale of 62-Unit Multifamily Property in Santa Catalina Island, California
September 14, 2026
AVALON, Sept. 14, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Tremont Street Apartments, a 62-unit multifamily property located in Avalon on Santa Catalina Island. The property sold for $8.64 million or $139,419 per unit.
“Affordable housing transactions often require coordination among multiple parties, and this sale was particularly complex due to the ground lease, HUD approval, HAP contract assignment and Freddie Mac loan assumption,” said Arteen Zahiri, associate director investments. “Successfully navigating each of those components allowed the transaction to close while preserving 62 units of affordable housing for the Avalon community.”
Zahiri and Tony Azzi, both members of the Azzi Group in Marcus & Millichap's Los Angeles office, had the exclusive listing to market the property on behalf of the seller, Black Rose Catalina L.P., and procured the buyer, Tailwind Investment Group.
The property is situated on 1.42 acres and consists of five two-story buildings at 321 Tremont St. in Avalon on Santa Catalina Island. Built in 1983, it features 10 one-bedroom units, 37 two-bedroom units and 15 three-bedroom units. The property is located less than a mile from the beach, ferry terminal, restaurants and retail shops.
The apartment community operates under a Section 8 Housing Assistance Payments contract and is subject to a ground lease with the Santa Catalina Island Company through 2053. The property is expected to continue operating as an affordable housing community under its existing HAP contract and long-term ground lease.
“Affordable housing transactions often require coordination among multiple parties, and this sale was particularly complex due to the ground lease, HUD approval, HAP contract assignment and Freddie Mac loan assumption,” said Arteen Zahiri, associate director investments. “Successfully navigating each of those components allowed the transaction to close while preserving 62 units of affordable housing for the Avalon community.”
Zahiri and Tony Azzi, both members of the Azzi Group in Marcus & Millichap's Los Angeles office, had the exclusive listing to market the property on behalf of the seller, Black Rose Catalina L.P., and procured the buyer, Tailwind Investment Group.
The property is situated on 1.42 acres and consists of five two-story buildings at 321 Tremont St. in Avalon on Santa Catalina Island. Built in 1983, it features 10 one-bedroom units, 37 two-bedroom units and 15 three-bedroom units. The property is located less than a mile from the beach, ferry terminal, restaurants and retail shops.
The apartment community operates under a Section 8 Housing Assistance Payments contract and is subject to a ground lease with the Santa Catalina Island Company through 2053. The property is expected to continue operating as an affordable housing community under its existing HAP contract and long-term ground lease.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate 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 who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
