Thursday, September 25, 2014

Silicon Valley Apartment Complex Sold by Marcus & Millichap for $16.1 Million


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


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