Press Releases
Marcus & Millichap Arranges $9.44M Sale of 24-Unit Multifamily Property in Costa Mesa, California
September 24, 2026
COSTA MESA, Calif., Sept. 24, 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 the sale of 291 Avocado St., a 24-unit multifamily property in Costa Mesa, California. The property sold for $9.44 million, or $393,333 per unit.
“This property generated multiple offers and ultimately closed at approximately 98 percent of the list price in an all-cash transaction,” said Tyler Leeson, executive managing director investments. “With 19 of the 24 units already renovated and several major capital improvements completed, the property provided the buyer with stable in-place income along with opportunities to further enhance the asset. The buyer completed a 1031 exchange from a retail and land investment outside Orange County, which helped support a fast and efficient closing."
Leeson and Matthew Kipp, of The Leeson Group in Marcus & Millichap’s Orange County office, had the exclusive listing to market the property on behalf of the seller, Curt Grieder. The buyer was the Rigas Family.
Built in 1965, the property consists of two 12-unit buildings situated on two contiguous parcels totaling 0.85 acres in Westside Costa Mesa. The 18,012-square-foot property features 20 one-bedroom, one-bath units and four two-bedroom, one-bath units, along with 45 parking spaces, a central courtyard and on-site laundry facilities. Recent capital improvements include a new roof, copper plumbing and upgraded electrical subpanels. The buyer plans to continue renovating and operating the property.
“This property generated multiple offers and ultimately closed at approximately 98 percent of the list price in an all-cash transaction,” said Tyler Leeson, executive managing director investments. “With 19 of the 24 units already renovated and several major capital improvements completed, the property provided the buyer with stable in-place income along with opportunities to further enhance the asset. The buyer completed a 1031 exchange from a retail and land investment outside Orange County, which helped support a fast and efficient closing."
Leeson and Matthew Kipp, of The Leeson Group in Marcus & Millichap’s Orange County office, had the exclusive listing to market the property on behalf of the seller, Curt Grieder. The buyer was the Rigas Family.
Built in 1965, the property consists of two 12-unit buildings situated on two contiguous parcels totaling 0.85 acres in Westside Costa Mesa. The 18,012-square-foot property features 20 one-bedroom, one-bath units and four two-bedroom, one-bath units, along with 45 parking spaces, a central courtyard and on-site laundry facilities. Recent capital improvements include a new roof, copper plumbing and upgraded electrical subpanels. The buyer plans to continue renovating and operating the property.
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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.
