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 successfully directed the sale of two multifamily communities totaling $23.8 million in Santa Clara County—a high-barrier-to-entry market in the California Bay Area.
The properties include a 36-unit community in Campbell, California, and a 23-unit community in San Jose, California.
Adam Levin, Executive Managing Director, Robert Johnston, Senior Managing Director, and Eymon Binesh, Investment Associate of Levin Johnston, represented the buyers in each transaction and the seller of the Campbell property. Levin and Johnston also represented the buyer of the San Jose community.
“Investor demand in the Bay Area remains is at an all-time high,” says Levin. “Santa Clara County has an enviable combination of major universities that produce a highly educated workforce, cutting edge firms, and exceptional affluence. Multifamily owners in the market who are looking to sell understand that this is the perfect time to achieve a premium price, considering that the metro is expected to add approximately 44,000 people through 2023.”
Levin Johnston’s recent transactions include:
$15.5 Million Sale of Union Pines Apartments in Campbell, California
Levin Johnston of Marcus & Millichap directed the sale of Union Pines Apartments, a 36-unit apartment community in Campbell, California, for $15.5 million.
“Properties like Union Pines, situated in markets with high barriers to entry, offer tremendous upside potential and are highly sought after by investors,” explains Johnston. “We were able to achieve a premium price for our client by effectively demonstrating to the buyer Santa Clara County’s strong employment fundamentals and low vacancy levels, which make the asset an attractive choice for South Bay residents for years to come.”
Union Pines Apartments is located near several major tech employers such as Google, Facebook, LinkedIn, and Apple. Adding to the community’s appeal is its central location in Downtown Campbell, which recently completed Phase 1 redevelopment, and now serves as an urban village with a hub of activity including retail, dining, fitness and entertainment options. The property is also positioned in close proximity to Pruneyard Shopping Center and the Bascom Avenue commercial corridor.
Originally constructed in 1973, Union Pines Apartments offers two- and three-bedroom units with private balconies and walk-in closets. Community amenities include a swimming pool, on-site laundry, a picnic area, and parking spaces for each unit.
The property is located at 100 Union Avenue in Campbell, California.
$8.3 Million Sale of 1012 Elm Street in San Jose, California
Levin Johnston also directed the sale of 1012 Elm Street, a 23-unit multifamily community in San Jose, California, for $8.3 million.
“San Jose is known as ‘The Capital of Silicon Valley’ and is now considered to be a global city, notable for its affluence,” says Levin. “Situated near some of the nation’s top tech employers, the property is expected to benefit from an educated workforce and strong demand from high-income renters. Additionally, Google is set to develop one of their largest campuses in downtown San Jose, which will bring 20,000 new jobs to the area, further driving this demand.”
Situated on 0.46 acres of land, the property offers a unique mix of studios and one- and two-bedroom apartments. The property has recently undergone more than $1.5 million in exterior and interior renovations which include new paint, updated on-site laundry facility, upgraded kitchens, recessed lighting, and more.
The property is located at 1012 Elm Street in San Jose, California.
Levin Johnston has completed over $300 million in sales in 2019 to date, demonstrating continued health in the commercial real estate market in this region.
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.