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| Lakewood Court Apartments, 1953 Via Reggio Court, San Jose, CA |
SAN JOSE, 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 $17.28 million
sale of Lakewood Court Apartments, a 48-unit multifamily asset in San
Jose, California.
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| Adam Levin |
Senior Managing Directors Adam Levin and Robert
Johnston, and Investment Associate Eymon Binesh, all of Levin
Johnston of Marcus and Millichap, represented both the seller, a private
family, and the buyer, Sridhar Equities.
“The seller approached our firm based on our market
expertise and proven track record of keeping our finger on the pulse of the
market, and that is exactly how the transaction played out,” said Johnston.
“We brought the property to market in order to obtain the
best result for the seller, and were proud that with several competing brokers
working on the buy side, it was our firm that was able to procure the most
qualified buyer and successfully close the deal.”
The property is located in downtown San Jose in close
proximity to I-680 and I-880, making it proximate to both the San Jose and
Oakland International Airports, as well as to light rail stations.
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| Eymon Binesh |
Levin explains “San Jose is a metro area that is defined by
its suburban neighborhoods and large tech campuses including PayPal, Adobe,
Cisco and eBay.
Levin said, “The asset is located in the heart of Silicon
Valley, a prime rental location for the commuter lifestyle of the tech industry
renters. Based on the property’s favorable location, good condition, and
below market rents with no rent control, we were able to achieve a strong
market cap rate of 5.32 percent.”
Lakewood Court Apartments was built in 1988 and is situated
on 1.64 acres. The apartment community offers one- and two-bedroom pet-friendly
units as well as assigned garage parking and a community pool and spa.
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| Robert Johnston |
Located at 1953
Via Reggio Court in San Jose, California, the property is in close
proximity to schools, outdoor recreation, shopping and dining.
In 2018, Levin Johnston of Marcus and Millichap successfully
directed 55 transactions totaling over $700 million in the Bay Area market.
CONTACTS:
Alex Caswell / Jenn Quader
Brower Group
(949) 955-7940
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