Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the $22.8 million sale of Villa De Wright, a 72-unit multifamily property in Mountain View, California and the $33 million sale of Metro Fremont, a 108-unit multifamily community in Fremont, California, which facilitated the completion of the $55.8 million 1031 exchange.
Robert Johnston, Adam Levin, and Adam Richardson of the Levin Johnston team of Marcus & Millichap facilitated both transactions.
“We collaborated closely with the seller and met their desire to pursue a 1031 exchange opportunity that enabled them to increase total unit count and obtain more depreciation,” said Johnston, executive managing director. “The seller had owned the property since 1997, so they were familiar with the Silicon Valley market. With our expertise extending throughout the Bay Area and access to the wide network of Marcus & Millichap offices, we were able to identify the perfect property in Fremont, another high-income, well-situated community in the region, which could facilitate the transaction.”
Villa De Wright features one- and two-bedroom units set in a tree-lined, park-like campus, with floor plans ranging from 565 square feet to 1,115 square feet. The complex offers units with features such as double-pane windows, updated kitchen countertops, dishwashers, ceiling fans, ample closet and storage space, and shared laundry facilities. On-site parking includes reserved covered spaces for tenants and visitor parking. The outdoor amenities include a swimming pool, playground, picnic and barbecue areas, gazebo and fire pit.
The community is less than a mile from Caltrain’s Mountain View Station and is minutes from U.S. Highway 101 and State Route 85. Residents benefit from the asset’s proximity to Downtown Mountain View, Castro Street dining, retail, and parks. The location provides easy access to San Jose Mineta International Airport, San Francisco International Airport, and Downtown San Francisco.
“This exchange allowed our client to capitalize on strong pricing in a mature market like Mountain View, while transitioning out of the city’s rent control, and redeploy into a Fremont asset with the potential for long-term upside,” said Levin, executive managing director.
According to Marcus & Millichap’s Q2 2025 San Jose Market Report, submarkets between Mountain View and Downtown San Jose are experiencing increasingly tight fundamentals. Data from Q1 highlights that this geographic area, home to major tech employers, is seeing strong household formation and steady leasing, with vacancy rates near historic lows (~4%) and effective rent trending well above national averages. However, with a significant number of new developments scheduled for completion in 2025, vacancy is expected to soften by approximately 100 basis points, though elevated demand may help absorption rates keep pace.
Marcus & Millichap’s 2025 Investment Forecast Oakland Multifamily Market Report emphasizes robust labor market recovery and strong renter demand, which have led to reduced vacancy across the Bay Area, especially in suburban East Bay markets. Specifically, Class B properties in Fremont are now among the tightest in performance, offering a meaningful rent premium over luxury units and appealing to cost-conscious renters priced out of core urban locations.
“With interest rates beginning to stabilize and suburban multifamily showing resilient fundamentals, Metro Fremont, which recently underwent more than $7 million in capital expenditures from the previous ownership group, offered the ideal blend of current income and further value-add potential in a market still on its way up,” added Richardson.
Metro Fremont is a 108-unit, resort-style community offering contemporary one- and two-bedroom homes ranging from 494 square feet to 875 square feet. Apartments are equipped with modern cabinetry, gas ranges, dishwashers, abundant storage, and private patios or balconies. The property amenity mix includes a swimming pool, clubhouse with entertainment kitchen, fitness center, dog park, outdoor barbecue lounges, fire pit, recreation field, bike racks, on‑site laundry, and covered parking.
The property is in Centerville, a 15-minute walk to the Fremont Amtrak/BART station and a short drive to the mainline Fremont BART hub. Residents have easy access to Interstate 880 and Interstate 680. The area around the complex includes parks, shopping, and dining options. East Bay and Silicon Valley employment centers are within proximity.
