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| Three@21 Belmont Apartments, 301-321 Oxford Way, Belmont, CA |
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| Adam Levin |
BELMONT, CA – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, has arranged the
sale of three 21@belmont, a 65-unit
apartment complex in Belmont, Calif. The $23,650,000 sales price equates to
$363,846 per unit.
Adam Levin, first vice president investments and Robert Johnston, vice president
investments, both in Marcus & Millichap’s Palo Alto office, represented the
seller, and procured the buyer.
“Located in one of the strongest
rental markets in the country, three21@belmont is within walking distance of
the Oracle campus and provides the new owner with a substantial revenue
enhancement opportunity,” says Levin.
“Apartments like three21@belmont with close
proximity to strong employment corridors see a 10 to 20 percent premium in
rent,” adds Johnston. “Previous ownership extensively renovated the property
and added amenities that allowed management to push rents to $4 per square
foot.”
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| Robert Johnston |
Exterior renovations include new
redwood siding, exterior paint, dual-pane windows and sliders and
energy-efficient light fixtures.
Interior upgrades include a new management
office, remodeled lobbies, an electronic door entry system, new pool deck and
resurfaced pool, gym, remodeled laundry facilities and new common area hallways
and interior common stairwells.
Built in 1968 on 1.5 acres
at 301-321 Oxford Way in Belmont, three21@belmont consists of two three-story buildings
with elevators and separate lobbies connected by a heated swimming pool.
There are 75 parking
spaces and four on-site laundry rooms. The unit mix is 37 junior
one-bedroom/one-bath units and 28 deluxe one-bedroom/one-bath apartments.
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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