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| Campbell Plaza Apartments, 710 Nido Drive, Campbell, CA |
CAMPBELL, CA, Aug.
12, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage
division of Marcus & Millichap serving the needs of institutional and major
private investors, has arranged the sale of Campbell Plaza Apartments, a
121-unit garden-style apartment complex in the city of Campbell, Calif.
The sales price of $27,600,000 equates to $228,000 per unit.
IPA
executive vice president investments Stanford Jones, IPA vice president
investments Salvatore Saglimbeni and IPA vice president investments Philip
Saglimbeni advised the seller, Spieker Companies. The buyer is The Bascom
Group.
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| Stanford W. Jones |
“The
investment appeal of this asset is driven by Silicon Valley’s extraordinary
employment fundamentals, which are expected to translate to continued high
market occupancy, as shown by Campbell’s second quarter 2013 average occupancy
of 97.5 percent,” says Jones. “Strong
market occupancy is also reflected at the property and should enable the buyer
to continue to increase market rents.”
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| Philip Saglimbeni |
“In
addition to proximity to thriving high-tech employers such as eBay and Netflix,
Campbell Plaza represents a prime urban infill community,” adds Salvatore
Saglimbeni. “Vibrant Downtown Campbell, the VTA Light Rail Line and the Safeway
Anchored Campbell Plaza Shopping Center are all within walking
distance.”
Built in 1972 on 3.8 acres, the property is located at 710
Nido Drive and consists of one single-story clubhouse/fitness center and
eight two-story residential buildings.
The one-, two- and three-bedroom floor plans average
approximately 785 square feet and feature fully equipped kitchens, separate
dining room areas in most homes and spacious bedrooms.
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| Salvatore Saglimbeni |
The community has an outdoor swimming pool and spa, picnic
area, open-space, parking and a renovated clubhouse with billiards room,
lounge, computer room, kitchen area, shared laundry room and state-of-the-art
fitness center.
For a complete copy of the company’s news
release, please contact:
Gina Relva,
Public Relations Manager
(925) 953-1716
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