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| Built in 1970, 2310 Rock Street is a 59-unit multifamily townhome community with a Walk Score of 82 located one mile from Foothill College, 5.2 miles from Stanford University. |
MOUNTAIN VIEW, CA – Levin
Johnston of Marcus and Millichap, correctly advised
its client, a private buyer, to offer $40,500,000 to be selected as the
successful bidder in the acquisition of a multifamily townhome property located
in one of the country’s most competitive acquisition markets, Mountain View,
California, according to Adam Levin, Executive Managing Director
of Levin Johnston.
Levin Johnston is one of the top multifamily brokerage teams in
the U.S. The team specializes in wealth management through commercial real
estate investments.
“Although the acquisition price represented a record-high sales
price for a multifamily property in the Mountain View market, we and the buyer
understand the long-term value of the land and the ready demand for housing in
the community and were willing to come up to the number that would win our
client the deal,” explains Levin.
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| Adam Levin |
With this unprecedented transaction, Levin Johnston continues to
lead the market in commercial sales in the Bay Area,” Levin adds. “We were able
to compete for 2310 Rock Street by understanding the required pricing necessary
to close an acquisition of this type in the hyper-desirable Mountain View
market.”
“Our firm is consistently able to bring the right capital to each
opportunity to ensure successful closings of win-win transactions,” says Robert
Johnston, Senior Managing Director of Levin Johnston.
“We continue to lead
the market in getting deals closed and exceeding our clients’ expectations on
both sides of a transaction.”
Built in 1970, 2310 Rock Street is a 59-unit multifamily townhome
community with a Walk Score of 82, situated 2.2 miles away from public transit
and less than 3 miles from two commuter rail stations.
The community is located
one mile from Foothill College, 5.2 miles from Stanford University, within
walking distance of highly rated public schools, as well as within a mile of
three shopping centers and within 5 miles of several parks and nature
preserves.
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| Robert Johnston |
San Jose International, San Francisco International, and Oakland
International airports are less than an hour’s drive away from the property.
Located in the heart of Silicon Valley, Mountain View houses
nearly 80,000 residents, as well as high-tech firms including the headquarters
campus for Google. During the past 12
months, nearly 100,000 additional jobs were created in the region amid
extremely low unemployment, helping to fuel demand for the 6,400 multifamily
units completed over the past four quarters.
During this time, strong
absorption held vacancy in the high-3% band, positioning the region to easily
absorb the 3,600 doors slated for fourth quarter delivery.
Levin Johnston has completed over $540 million in sales spanning
more than 60 transactions in 2019 to date, demonstrating continued health in
the commercial real estate market in this region.
For more information about Levin
Johnston’s $100 million in available properties, please visit www.levinjohnston.com.
Contacts:
Alex Caswell
Jenn Quader
Brower Group
(949) 438-6262
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