 |
| Adam Levin |
SUNNYVALE, CA – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of The Floriana Apartments,
a 68-unit apartment complex in Sunnyvale, Calif.
The $16,100,000 sales price equates to $236,765 per unit. Adam
Levin, vice president investments in Marcus & Millichap’s Palo Alto
office, and Nathan Gustavson, senior associate in the firm’s San
Francisco office, represented the seller and the buyer.
“The
small pocket of Sunnyvale around The Floriana Apartments is poised for
tremendous near-term upside in commercial and residential rent growth,” says
Levin.
“The property is less than a 10-minute drive from the new home of the
San Francisco 49ers, Levi’s Stadium, and a ten-minute walk from LinkedIn’s new
560,000-plus square-foot campus.”
“The
apartment complex has a history of extremely low vacancy and there is
tremendous upside potential to be gained in rents,” adds Gustavson.
 |
| Nathan Gustavson |
Located
at 126 West Ahwanee Ave. in Sunnyvale, Calif., the apartment complex is less
than one mile from a Starbucks, a Lucky supermarket, the Sunnyvale Golf Course,
a Bank of America and the Sunnyvale Square shopping center. Access to U.S.
Highway 101 and California State Route 237 is nearby.
The Floriana Apartments is composed of six buildings
constructed in 1964 on an 83,940-square-foot lot. Community amenities include a
large, individually numbered parking space for each unit, a swimming pool, and
on-site laundry rooms with new equipment.
Apartments feature open floor plans,
kitchens with pantries and generous amounts of counter space and large bedrooms
with good-sized closets.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
No comments:
Post a Comment