Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the $10 million sale of Delano Apartments, a fully upgraded 35-unit multifamily community in San Jose, California.
Senior Managing Directors Adam Levin and Robert Johnston represented the seller, a private high net worth investor, in the transaction.
“We immediately recognized the appeal of this asset, based on its favorable location and extensive capital improvements,” says Johnston. “At this point in the cycle, many private investors are seeking boutique-sized apartment communities that have been recently renovated. These assets can be held for the long term as cash-flow investments. We understood the ‘sweet spot’ this property was in for many investors and drew upon our local relationships to identify a pool of buyers, ultimately achieving a strong sale price for our Client.”
The property is located in the heart of Silicon Valley in close proximity to I-680 and I-101, providing direct access to all major Bay Area destinations.
“San Jose is widely recognized as ‘The Capital of Silicon Valley,’ with tech employers such as eBay, Apple, Yahoo!, Google and Facebook headquartered here,” Levin explains. “The job market in the Bay Area is expected to grow two percent this year and one percent in 2020. As this economic growth continues, the buyer of this property will benefit from continued renter demand throughout the region.”
Situated on 0.84 acres, Delano Apartments was built in 1960 and offers an attractive mix of one- and two-bedroom floor plans. The property features a community swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras. The newly renovated units offer renters granite countertops, engineered hardwood flooring, stainless steel appliances, and modern light fixtures.
Located at 272-280 La Pala Drive in San Jose, California, the property is in close proximity to major employers, transportation corridors, shopping, dining and entertainment options.
About Levin Johnston
Levin Johnston Group is one of the top multifamily brokerage teams in the U.S. specializing in wealth management through multifamily and commercial real estate investments. With a focus on growing and sustaining wealth for each and every Client, the Levin Johnston team is expert in investment sales and acquisitions, value-driven asset management, 1031 exchanges, and ongoing advisory services. Since its inception, Levin Johnston Group has directed more than $2 Billion in transactions, resulting in stable risk-adjusted returns for investors throughout the U.S. Levin Johnston Group is part of Marcus & Millichap’s Palo Alto office.