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| Delano Apartments, 272-280 La Pala Drive, San Jose, CA |
SAN JOSE, CA, (April 8, 2019) – 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 directed the $10 million sale of Delano
Apartments, a fully upgraded 35-unit multifamily community in San Jose,
California.
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| Adam Levin |
Senior Managing Directors Adam Levin and Robert Johnston
represented the seller, a private high net worth investor, in the transaction.
“We immediately recognized the appeal of this asset, based on its
favorable location and extensive capital improvements,” says Johnston.
“At this point in the cycle, many private investors are
seeking boutique-sized apartment communities that have been recently renovated.
These assets can be held for the long term as cash-flow investments.
"We understood the ‘sweet spot’ this property was in
for many investors and drew upon our local relationships to identify a pool of
buyers, ultimately achieving a strong sale price for our Client.”
The property is located in the heart of Silicon Valley in
close proximity to I-680 and I-101, providing direct access to all major Bay
Area destinations.
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| Robert Johnston |
“San Jose is widely recognized as ‘The Capital of Silicon Valley,’ with
tech employers such as eBay, Apple, Yahoo!, Google and Facebook headquartered
here,” Levin explains.
“The job market in the Bay Area is expected to grow two
percent this year and one percent in 2020. As this economic growth continues,
the buyer of this property will benefit from continued renter demand throughout
the region.”
Situated on 0.84 acres, Delano Apartments was built in 1960 and offers an
attractive mix of one- and two-bedroom floor plans.
The property features a
community swimming pool, on-site leasing office, coin-operated laundry facility
and secured gated perimeter with security cameras.
The newly renovated units offer renters granite countertops,
engineered hardwood flooring, stainless steel appliances, and modern light
fixtures.
Located at 272-280 La Pala Drive in San Jose, California, the property is
in close proximity to major employers, transportation corridors, shopping,
dining and entertainment options.
CONTACTS:
Alex Caswell / Jenn Quader
Brower Group
(949) 438-6262
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