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| Velocity at Lawrence Station Apartments, 3488 and 3508-3518 Agate Drive, Santa Clara, CA |
SANTA CLARA, CA – Levin Johnston, one
of the top multifamily brokerage teams in the U.S. specializing in wealth
management through commercial real estate investments, has directed the
record-breaking price per unit sale of Velocity
at Lawrence Station, which sold for $456,250 per unit, or a total of
$25,550,000, on behalf of the seller, Old Adobe Management Company.
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| Robert Johnston |
“This
is the ultimate example of a successful full-cycle investment,” says Robert Johnston, Senior Vice President
of Levin Johnston.
“The Levin Johnston team assisted Old Adobe Management
Company in acquiring this 56-unit property in February of 2015 for $14,250,000.
After extensive strategic renovations, the property’s value increased
exponentially, enabling us to achieve a per-unit sale price that is the highest
in the history of Santa Clara for a community with more than 10 units,
according to CoStar.”
Large-scale renovations were performed on both the interior and exterior
of the property, including new roofing, upgraded plumbing including copper
risers and sewer lines, and brand new electrical wiring in every unit.
The property also features all-new, drought-resistant
landscaping, as well as brand new carports and newly upgraded common areas with
barbeques. In-unit amenities were substantially upgraded, including high-end,
designer finishes such as quartz countertops and modern paint schemes, as well
as new dishwashers and the addition of washers and dryers in every unit.
“This level of upgrades is nearly unheard of in today’s
market, and speaks to the commitment and expertise of the seller,” states Adam Levin, Senior Managing Director of
Levin Johnston. “By investing in the amenities that matter most to tenants, Old
Adobe Management Company was able to enhance the value and lifespan of the
property for future owners, while substantially increasing their return on
investment.”
The
asset is located in the heart of Silicon Valley, which boasts high multifamily
occupancy rates and strong employment fundamentals.
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| Adam Levin |
“The
Bay Area market is characterized by its outstanding employment rates, and Santa
Clara’s fundamentals are on trend,” notes Levin.
“Unemployment in Santa Clara
recently dropped to 2.6%, fueling continued strong demand in the local
multifamily sector. This tenant demand continues to drive increased investor
interest, enabling us to achieve strong returns for our Client through this
sale.”
The property is located in walking
distance to Lawrence Station Caltrain, which offers a short 10- to 20-minute
commute to Mountain View, Palo Alto, Menlo Park and other nearby hubs for major
employers such as LinkedIn, Intel, Facebook, Apple, Yahoo! and Google.
Velocity at Lawrence Station was acquired by a private owner. The
property is located at 3488 and 3508-3518 Agate Drive in Santa Clara,
California.
Levin Johnston is one of the top multifamily brokerage
teams in the U.S. specializing in wealth management through multifamily and
commercial real estate investments.
With a focus on growing and sustaining wealth for each
and every Client, the Levin Johnston team is expert in investment sales and
acquisitions, value-driven asset management, 1031 exchanges, and ongoing
advisory services.
Since its
inception, Levin Johnston has directed more than $2 Billion in transactions,
resulting in stable risk-adjusted returns for investors throughout the U.S.
Levin Johnston is part of Marcus & Millichap’s Palo Alto office.
For more
information, please contact:
Jordan Kruk, Account
Coordinator
Jenn Quader ·
O 949 955 7940
Brower, Miller & Cole
The Smart Agency™ for Smart Clients who want Smart Work
895 Dove Street, Third Floor · Newport Beach, CA 92660
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