Levin Johnston of Marcus & Millichap, one of the top brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announces that it has completed the $18 million sale of a portfolio of three contiguous garden-style multifamily buildings totaling 59 units on Bellomy Street in the heart of the Silicon Valley city of Santa Clara, California.
“The Bellomy Street portfolio transaction offers investors a rare opportunity to acquire well-situated legacy assets in one of Silicon Valley’s most supply-constrained rental markets,” said Robert Johnston, Executive Managing Director of Levin Johnston of Marcus & Millichap. “With the market showing clear signs of recovery and affordability pressures reshaping tenant demand, we think low-density assets like these are positioned to outperform in the next phase of the real estate cycle.”
The Levin Johnston team procured a local investment group focused on value-add acquisitions as the buyer in the transaction.
“Our approach in this deal was grounded in understanding the buyer’s long-term objectives. The ability to acquire a contiguous portfolio with optionality to reposition the assets aligns well with evolving investment strategies in today’s multifamily landscape,” says Adam Levin, Executive Managing Director at Levin Johnston of Marcus & Millichap. “Our deep expertise in the San Francisco Bay and Silicon Valley markets, combined with the reach of the Marcus & Millichap platform, allows us to align high-quality assets with investor priorities consistently. This connectivity is critical in a market where strategy and local insight are more important than ever in identifying high-value investment opportunities.”
Within Santa Clara and adjacent submarkets like North Sunnyvale, net absorption has kept pace with deliveries, particularly among Class C properties where affordability remains paramount. The broader Western Bay Area, including San Francisco, is also experiencing a reset: multifamily completions have dropped notably since 2020, helping tighten vacancy and support rent growth despite lingering employment volatility in white-collar sectors. The affordability gap between renting and owning has widened dramatically, reaching over $9,200 per month in San Francisco and the South Bay, fueling long-term renter demand and making assets like Bellomy Street increasingly attractive to yield-seeking investors. These trends position Santa Clara as a stable, high-barrier submarket within a region that is regaining its economic and demographic footing.
“The sale comes at a pivotal moment in the Bay Area’s multifamily market recovery,” Johnston adds. “Following several years of pandemic-induced dislocation marked by remote work shifts, population outflows, and rising vacancies, the San Francisco Bay Area is showing clear signs of revival. In-demand fundamentals remain resilient, underpinned by purchasing constraints in the housing market, job recovery in non-tech sectors, and a resurgence of interest in living in urban cores.”
The Bellomy Street Portfolio consists of three adjacent garden-style apartment buildings totaling 59 residential units, located at 1962, 1972, and 1978 Bellomy Street in Santa Clara, California. Spanning 1.59 acres with a combined gross building area of approximately 39,599 square feet, the portfolio offers a range of floor plans—studio, one-, two-, three-, and four-bedroom units—across low-density, two-story constructions. Built in 1951, the buildings reflect classic mid-century California multifamily design with updated interiors and well-maintained exteriors, including shared landscaped areas, an outdoor pool, and surface parking.
The largest of the three, 1962 Bellomy Street, comprises 37 units with a diverse mix including studios, one-bedroom, two-bedroom, and three-bedroom layouts. 1972 Bellomy Street features 8 one-bedroom units and is the most compact of the group, offering a consistent and efficient residential profile. 1978 Bellomy Street contains 14 units and provides the broadest configuration, including one-bedroom, two-bedroom, and a spacious four-bedroom, 2.5-bathroom unit. Each property features practical tenant amenities such as on-site laundry facilities, surface parking, and private outdoor circulation spaces. The buildings are positioned to optimize natural light and airflow, creating a quiet, residential enclave in the heart of Santa Clara.
Located within Silicon Valley’s urban core, the portfolio offers tenants exceptional access to a broad range of local amenities. Santa Clara University is just over a mile away, and Santana Row’s shopping and dining corridor, PayPal Park, and Downtown San Jose are all within a four-mile radius. Residents benefit from proximity to major tech employers and seamless connectivity via U.S. Route 101, State Route 82, Interstates 880 and 280, and the nearby Lawrence Caltrain Station. The surrounding neighborhood is walkable and transit-friendly, with access to parks, schools, and retail hubs, making the location highly desirable for a broad tenant demographic.
