Parker Pinkalla Acquires 62-Unit Multifamily Community From Patrick Gouveia For $8.64M

This transaction involves a multifamily asset located at 321 Tremont Street in Avalon, consisting of 62 units. The property spans 58,700 square feet and was sold for a total consideration of $8,644,030, translating to a price per unit of $139,419 and a price per square foot of $147.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,644,030
• Units: 62
• Square Footage: 58,700
• Price Per Unit: $139,419
• Price Per Square Foot: $147
• Buyer: Parker Pinkalla
• Seller: Patrick Gouveia
• Brokers: Tony Azzi & Arteen Zahiri - Marcus & Millichap

Tony Azzi and Arteen Zahiri of The Azzi Group at Marcus & Millichap represented Black Rose Catalina, L.P. and procured the buyer, Tailwind Investment Group, in this complex transaction. The deal involved the assignment of a ground lease with Santa Catalina Island Company, HUD/HAP approval, and the assumption of an existing Freddie Mac loan. The transaction is significant for preserving a critical source of affordable housing in the constrained Catalina Island market.