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| Villa Sierra Apartments, Palo Alto, CA |
Palo Alto, CA – Levin Johnston, one of the top 10 multifamily brokerage teams in the U.S., has directed the sale of Villa Sierra Apartments, a multifamily community located in the ultra-exclusive Palo Alto market.
The property is located at 801
Middlefield Road in Palo Alto, California and was sold for $8,450,000.
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| Adam Levin |
Levin Johnston
represented both the seller, an international owner, as well as the buyer, a
private local investor, in the transaction.
“It is extremely rare for a multifamily property in this high-performing market
to become available,” says Adam Levin, Senior Managing Director of Levin
Johnston. “The Palo Alto submarket is exceptional in its long-term
performance. Further, throughout the Silicon Valley, properties near corporate
campuses or transportation routes remain attractive to investors, prompting cap rates in the low 4-percent range.”
The seller, an entity that is based outside of the U.S. and on the East Coast,
owned and operated the property for more than 30 years and sought out the Levin
Johnston team to exclusively market and direct this transaction based on the
team’s consistent track record and deep knowledge of the local marketing,
according to Levin.
“We were able to quickly identify a buyer that recognized the pride of
ownership that accompanies owning in this exclusive submarket,” says Robert Johnston,
Senior Vice President of Levin Johnston. “To further increase the value
of the asset, the buyer intends to implement major renovations to every
unit. Upgrades will occur as leases roll over and expire as to not
disturb or displace current residents.”
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| Robert Johnston |
The 12-unit apartment
community is located in the downtown region of Palo Alto with shopping, dining
and major transportation corridors nearby and Stanford University just under
two miles away.
“The asset is situated
in the heart of Silicon Valley, near several of the country’s top tech
employers,” says Johnston. “The property is nearly 100% occupied and will
remain a valuable investment for our Client due to the strong employment
fundamentals and high multifamily occupancy rates in the area.”
Levin
Johnston is part of Marcus & Millichap’s Palo Alto office.
For more information, please contact:
Jordan Kruk / Jenn Quader
Brower Group
(949) 955-7940
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