Marcus & Millichap Inc.
11/12/2026 | Press release | Distributed by Public on 11/12/2026 14:22
Marcus & Millichap Arranges $2.6M Sale of 28-Unit Multifamily Property in South Lake Tahoe, California
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Marcus & Millichap Arranges $2.6M Sale of 28-Unit Multifamily Property in South Lake Tahoe, California
November 12, 2026
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SOUTH LAKE TAHOE, Calif., Nov. 12, 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 Tahoe Pines Apartments, a 28-unit affordable housing property located at 3431 Spruce Ave. in South Lake Tahoe, California. The property sold for $2.6 million, or $92,857 per unit.
"Affordable housing properties continue to draw strong interest from investors, particularly in high-barrier-to-entry markets like South Lake Tahoe, where housing options for local residents are limited," said Isaak Heitzeberg, managing director investments. "Tahoe Pines presented a rare opportunity to acquire an established affordable housing community in a supply-constrained market. Despite rising cap rates across the broader multifamily sector, demand for affordable housing has remained strong."
Heitzeberg, of Marcus & Millichap's Sacramento office, had the exclusive listing to market the property on behalf of the seller. Heitzeberg and Yasko Massias, also of the firm's Sacramento office, procured the buyer. The transaction involved the assumption of an existing city loan.
Built in 1994, the 27,200-square-foot property is situated on 2.87 acres at 3431 Spruce Ave. The community consists of 28 units with two- and three-bedroom floor plans featuring large windows, ample natural light, central heating and air conditioning. Tahoe Pines operates under the Low-Income Housing Tax Credit program, providing affordable rental housing for residents. The property is located near Bijou Community School, South Tahoe Middle School and local shopping destinations, with access to U.S. Route 50 and Lake Tahoe.
"Affordable housing properties continue to draw strong interest from investors, particularly in high-barrier-to-entry markets like South Lake Tahoe, where housing options for local residents are limited," said Isaak Heitzeberg, managing director investments. "Tahoe Pines presented a rare opportunity to acquire an established affordable housing community in a supply-constrained market. Despite rising cap rates across the broader multifamily sector, demand for affordable housing has remained strong."
Heitzeberg, of Marcus & Millichap's Sacramento office, had the exclusive listing to market the property on behalf of the seller. Heitzeberg and Yasko Massias, also of the firm's Sacramento office, procured the buyer. The transaction involved the assumption of an existing city loan.
Built in 1994, the 27,200-square-foot property is situated on 2.87 acres at 3431 Spruce Ave. The community consists of 28 units with two- and three-bedroom floor plans featuring large windows, ample natural light, central heating and air conditioning. Tahoe Pines operates under the Low-Income Housing Tax Credit program, providing affordable rental housing for residents. The property is located near Bijou Community School, South Tahoe Middle School and local shopping destinations, with access to U.S. Route 50 and Lake Tahoe.
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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.
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