LOS GATOS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Lamar Apartments (top left photo), a 48-unit, 103,237-square foot garden-style apartment community in Los Gatos, a suburb of San Jose.
The sales price of $11,327,500 translates to $235,990 per unit and $269 per square foot.
Michael Henshaw, a vice president investments, and Michael Mann, a multifamily property investment specialist, both in Marcus & Millichap’s Palo Alto office, represented the seller.
Henshaw, Mann and Ted Kokernak (middle right photo), a senior vice president investments, also in Palo Alto, represented the buyer, a local private investor.
“Lamar Apartments possesses great upside potential,” says Henshaw. “The tech industry’s projected robust growth this year is predicted to result in Silicon Valley leading California in job creation, enabling landlords to raise rents at the fastest rate in the nation.”
The property is located at 14930 Oak Road in Los Gatos near the intersection of State Route 85 and State Route 17. Los Gatos is bounded by San Jose to the north and east and is closely tied to Silicon Valley. San Francisco is approximately 60 miles away.
Lamar Apartments’ four main buildings have graphite composite shingle roofs. The first floors are concrete perimeter and the second floors are wood-framed. The unit mix features 40 814-square foot two-bedroom/one-bath units and eight approximately 1,200-square foot three-bedroom/two-bath units. The units feature walk-in closets and private patios.
The property has 48 covered parking spaces and 30 open spaces, a gated pool with recreation room and saunas, a remote surveillance security system and on-site Wi-Fi hot spot.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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