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, announces its most recent multifamily transaction: the sale of a 24-unit multifamily asset in Willow Glen, a prime submarket of San Jose, California. The firm closed out a record year in Q4 of 2021 and is on track to close more than 30 commercial transactions upwards of $300 million in Q1.
Levin Johnston’s Executive Managing Director Adam Levin, Senior Managing Director Robert Johnston, and Vice President of Investments Eymon Binesh represented the seller and procured the buyer in the transaction, both local private investors within the Bay Area.
“San Jose continues to be one of the most lucrative and highly competitive multifamily markets in the country, as population and employment opportunities rapidly increase,” says Levin. “San Jose is the largest city in Santa Clara County, and San Jose’s population is expected to reach over 1 million residents this year as people move to the city in search of employment opportunities. This property is a coveted asset, as it is ideally situated in a central neighborhood that offers quick access to major employers.”
Levin notes that San Jose has a uniquely large concentration of high-technology engineering, computer, and microprocessor companies. Additionally, despite the pandemic and companies participating in work-from-home schedules, many large employers in the region, such as Apple and Twitter, have inked or renewed new leases as they continue to bring employees back to the workplace safely.
“Big tech companies know and understand the value of staying in San Jose, and multifamily investors are recognizing the economic stability that is attributed to the long-term presence of these major employers,” says Johnston. “By utilizing our deep knowledge of market trends and demographics, and our strong connections, our team is able to break through the competition and identify and secure assets that will offer investors strong renter demand for years to come.”
Originally constructed in 1961 and situated on a 21,581 square-foot parcel of land, the apartment community that recently changed hands offers residents beautifully designed one-bedroom and two-bedroom floor plans. Interior amenities include stainless steel appliances, granite countertops, vinyl plank flooring, and double-pane windows.
“This property presents investors with an exceptional multifamily asset in one of the most desirable locations in Silicon Valley,” adds Binesh. “Located within the coveted neighborhood of Willow Glen, residents will be within walking distance to the neighborhood’s historic downtown. Additional appeal comes from Willow Glen’s reputation as one of the safest neighborhoods to live in, boasting some of the highest ratings across diversity, safety, comfort, and local school district rankings.”
Residents can take advantage of an on-site laundry room and assigned covered and open parking spaces. Nearby attractions include the San Jose Museum of Art, Cathedral Basilica of St. Joseph, and the Japanese Friendship Garden Regional Park, all which can be accessed by convenient public transportation. The neighborhood scored a high walkability score, an 85 out of 100, and deemed very bikeable for residents that are interested in an active lifestyle.
The property is located at 51 Glen Eyrie Avenue in San Jose, California, 95125 and was sold for a total consideration of nearly $9.1 million.