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| Adam Levin |
MOUNTAIN VIEW, 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 $8.8 million acquisition of a one-acre
multifamily community in the ultra-exclusive Mountain View market.
Adam Levin, Senior Managing Director for Levin Johnston and Robert Johnston, also a Senior Managing Director with Levin Johnston, represented the buyer, a local, well-seasoned apartment investor who will continue to operate the property as a cash flow investment.
Adam Levin, Senior Managing Director for Levin Johnston and Robert Johnston, also a Senior Managing Director with Levin Johnston, represented the buyer, a local, well-seasoned apartment investor who will continue to operate the property as a cash flow investment.
“The investment appeal of this asset is driven by its prime location in
the Silicon Valley,” says Johnston. “Tech employers continue to attract talent
to the region, such as Google, which employs over 62,000 people in the
immediate vicinity.
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| Robert Johnston |
"Future job growth over the next 10 years is predicted at 43.6 percent, which is
higher than the U.S. average of 38 percent. All of this activity supports
renter demand at an all-time high.”
The 16-unit complex is located in the heart of Mountain View – 1.2 miles
away from Google’s headquarters.
The low-density property is in close proximity
to many other top tech employers such as Facebook, Apple, and Amazon, among
others.
“This asset is well positioned for significant added value creation
through renovation or potential redevelopment,” says Levin.
“We were able to
help the buyer to acquire a cash flow property now with tremendous potential
for growth in the long term.”
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| 440 North Rengstorff Apartments Mountain View, CA |
Located at 440 North Rengstorff, the apartment property is near downtown
Mountain View, in close proximity to schools, shopping, dining, and highways
101 and 85, providing direct access to all major Bay Area locations.
CONTACTS:
Alex Caswell / Jenn Quader
Brower Group
(949) 955-7940
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