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| Vista Del Sol, 2451-2529 Santa Rita Road. Pleasanton, CA |
PLEASANTON, CA – Levin Johnston of Marcus and
Millichap, one of the top multifamily brokerage
teams in the U.S. specializing in wealth management through commercial real
estate investments, has directed the $24.25 million trade of Vista Del Sol, a
73-unit multifamily asset in Pleasanton, California.
Adam Levin and Robert Johnston, both Senior Managing Directors of Levin
Johnston, represented both the seller, a private LLC, and the buyer, a local
investor, in the transaction.
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| Adam Levin |
“Alameda County is currently experiencing the fastest population growth in
the region – making it a highly desirable investment market,” says Levin.
“The
appeal of this asset is further substantiated by Pleasanton’s strong employment
fundamentals and low-vacancy levels, which will drive high occupancy and a
well-sustained renter base for years to come.”
Vista Del Sol recently underwent a $1.44 million capital improvement
campaign consisting of extensive exterior and interior upgrades.
During its
ownership, the seller remodeled the clubhouse, updated the gym and outdoor
pool/barbeque area, and added new signage.
Inside, 50 of the 73 units were
completely remodeled with designer finished, updated kitchens, and large walk-in
closets.
“This was a premier opportunity to acquire a property that is already
positioned for strong NOI growth,” says Levin. “By identifying a buyer who was
seeking the opportunity to expand his portfolio into the Greater Bay Area, we
were able to support the buyer’s goals while also achieving a strong sale price
for the seller.”
Situated on 3.37 acres, the property is located in downtown Pleasanton in
close proximity to I-580 and I-560, two BART stations, as well as a commuter
train and regional bus service, providing direct access to the Silicon Valley,
San Francisco, and the Central Valley.
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| Robert Johnston |
“This is a prime rental location for commuters, which contributes to the
strength of this asset as an investment,” says Johnston, who notes that the
asset is located just one mile from Hacienda Business Park, which is home to
many major employers including Kaiser Permanente, Boeing, Caltrans, and
MetLife, among others, as well as a new six-story corporate headquarters development that is under construction.
“Pleasanton has been listed as one of the ‘Best Places to Live’ by several
national publications and offers one of the top 10 ranked school districts in
California,” Johnston continues. “These attributes will support continued
renter demand for many years ahead.”
The property is also in close proximity to shopping, dining, and outdoor
activities. Community amenities include a pool and spa, outdoor cabana
and sundeck, and lush, landscaped greenbelts.
More information is available at levinjohnston.com.
CONTACTS:
Alex Caswell / Jenn Quader
Brower Group
(949) 955-7940
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