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| 1972 Bellomy Street is one of three properties better known as the Marymount Place Apartments in Santa Clara, CA |
SANTA CLARA, CA, June 22, 2020 – 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 completed the sale of a 59-unit multifamily portfolio comprised of three
adjacent buildings in Santa Clara, California for a total consideration of
approximately $24.7 million.
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| Adam Levin |
Levin Johnston’s Executive
Managing Director Adam Levin and Senior Managing Director Robert Johnston
represented the seller and procured the buyer in the off-market transaction.
“We initially helped the
seller acquire these properties a few years ago, so we were well acquainted
with the assets and the recent upgrades made across the portfolio,” explains
Johnston.
“We were ultimately able to secure a strong price for the seller, while
setting up the buyer with a long-term investment opportunity with further
value-add potential. By purchasing all three properties together, the new owner
will also benefit from economies of scale.”
According to Levin, investor
demand outweighs the current supply of available multifamily properties in the
Bay Area. Drawing upon strong relationships and knowledge of the local market,
Levin Johnston was able to bring this deal to the finish line, even in the
midst of the pandemic.
“The investment appeal of
this portfolio is driven by Santa Clara’s strong employment fundamentals and low vacancy levels,” says
Levin.
“This portfolio is primarily located in the thriving tech hub of Silicon
Valley – Santa Clara is the ninth most populous city in the San Francisco Bay
Area and is positioned to drive long-term resident demand for years to come.”
The portfolio is situated
near many of the largest tech companies, including Intel, Google, Apple, and
LinkedIn, and provides easy access to major highways, shopping, dining, and
entertainment options, Johnston notes.
The three properties in the
portfolio, also known as Marymount Place Apartments, include:
1962 Bellomy Street, a 37-unit multifamily property that
is situated on 0.96 acres, which sold for approximately $15.9 million.
Originally constructed in 1961, the property features an attractive mix of one
studio apartment, fourteen one-bedroom/one-bathroom apartments, eighteen two-bedroom/one-bathroom
apartments, and four three-bedroom/two-bathroom apartments.
The asset’s
interior has been recently renovated with new paint, hardwood floors, cabinets,
and modern stainless-steel appliances.
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| Robert Johnston |
1978 Bellomy Street, a 14-unit multifamily property which
sold for a total of approximately $6.1 million. The building was constructed in
1964 and offers renters a mix of one-bedroom/one-bathroom,
two-bedroom/one-bathroom, and four-bedroom/two-bathroom apartments.
Recent
interior upgrades made to the property include new paint and carpet, modern
kitchen appliances, and the installation of A/C units.
1972 Bellomy Street, an 8-unit multifamily property that
sold for approximately $2.7 million. The asset was originally constructed in
1951 and has a gross building area of 2,880 square feet, offering its tenants
strategically designed one-bedroom floor plans.
Shared
community amenities include on-site laundry facilities, a swimming pool, and
covered parking.
For more information about
Levin Johnston’s $100 million in available properties, please visit www.levinjohnston.com
Contact:
Alex Caswell / Elisabeth Manville
Brower Group
(949) 438-6262
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