Levin Johnston Completes $9 Milllion Sale of 24-Unit Multifamily Community in one of San Jose, California's Most Sought-After Neighborhoods

 24-unit multifamily asset in Willow Glen,
a prime submarket of 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, announces its most recent multifamily transaction: the sale of a 24-unit multifamily asset in Willow Glen, a prime submarket of San Jose, California.

 The property is located at 51 Glen Eyrie and was sold for a total consideration of nearly $9.1 million. 

 The firm closed out a record year in Q4 of 2021 and is on track to close more than 30 commercial transactions upwards of $300 million in Q1. 

Adam Levin

 Levin Johnston’s Executive Managing Director Adam Levin, Senior Managing Director Robert Johnston, and Vice President of Investments Eymon Binesh represented the seller and procured the buyer in the transaction, both local private investors within the Bay Area.

 “San Jose continues to be one of the most lucrative and highly competitive multifamily markets in the country, as population and employment opportunities rapidly increase,” says Levin.

  “San Jose is the largest city in Santa Clara County.  San Jose’s population is expected to reach over 1 million residents this year as people move to the city in search of employment opportunities.

 

Robert Johnston

"This property is a coveted asset, as it is ideally situated in a central neighborhood that offers quick access to major employers.” 

 Levin notes that San Jose has a uniquely large concentration of high-technology engineering, computer, and microprocessor companies.

 Additionally, despite the pandemic and companies participating in work-from-home schedules, many large employers in the region, such as Apple and Twitter, have inked or renewed new leases as they continue to bring employees back to the workplace safely.  

 “Big tech companies know and understand the value of staying in San Jose, and multifamily investors are recognizing the economic stability that is attributed to the long-term presence of these major employers,” says Johnston.

 “By utilizing our deep knowledge of market trends and demographics, and our strong connections, our team is able to break through the competition and identify and secure assets that will offer investors strong renter demand for years to come.” 

 Eymon Binesh 

 “This property presents investors with an exceptional multifamily asset in one of the most desirable locations in Silicon Valley,” adds Binesh.

“Located within the coveted neighborhood of Willow Glen, residents will be within walking distance to the neighborhood’s historic downtown.

  "Additional appeal comes from Willow Glen’s reputation as one of the safest neighborhoods to live in, boasting some of the highest ratings across diversity, safety, comfort, and local school district rankings.” 

 

CONTACTS:

 

Anthea Davis / Arleeny Escarcega

The Smart Agency, Inc. 
(949) 438-6262 

andavis@thesmartagency.com 
www.levinjohnston.com.  

 

 

Phoenix ranks #2 in U.S. for tech office leasing as sector outpaces all other industries nationwide

Ryan Bartos

 PHOENIX, AZ – Phoenix ranks #2 in the nation for average annual growth rate in tech office leasing – a sector that is now the primary driver of the U.S. economic recovery, according to JLL’s latest research.

 At the beginning of the pandemic, tech employment numbers declined, however losses were minimal by comparison to other industries.

Alexander Quinn

The sector has since made solid job gains with the largest technology companies leading the way.

The top 25 technology companies by market capitalization added more than 600,000 workers from 2020 to 2021.

 Venture capital flows also reached record levels with $121 billion in funding nationwide from January through September 2021, and IPO activity achieved all-time highs during the same period.

Between 2010 and 2020, Phoenix experienced a 27 percent average annual growth rate in U.S. tech office leasing – second only to Raleigh-Durham, which achieved a 33 percent growth rate.

 “Most tech tenants want the absolute nicest projects in town. This has placed metro Phoenix’s newest and best Class A office spaces in high demand, with tech tenants often competing for occupancy,” said JLL Managing Director Ryan Bartos.

Rendering of planned 100 Mill mixed-use project
 in Downtown Tempe, AZ

“When it comes to tech, however, one size does not fit all. Companies who need flexibility can also lean on Phoenix’s large inventory of high-quality sublease space and spec office product.

"The breadth of options here is a characteristic that sets Phoenix apart, allowing companies to deal with return-to-work office scenarios in their own way as they expand to meet what seems like unending demand for their products.”

Watermark project in downtown Tempe, AZ

“COVID-19 has been an accelerant for trends we were seeing prior to the pandemic, leading to increased use and dependence on all things digital,” said JLL Research Director Alexander Quinn.

“What’s interesting is that, despite society’s increased appetite for digital solutions and even their own statements on when they’ll return to the office, big tech has increased its physical office share, indicating that even the most digitally native companies see a value for physical collaboration opportunities.”

 

The Alexander in downtown Chandler, AZ

In fact, major tech companies secured a record 15.3 million square feet of office space since early 2020.

 Over half of the leases signed in the U.S. since Q1 2020 are expansions or new to market transactions.

The larger leases occurred primarily at locations with higher quality amenities and modern, efficient and sustainable work environments, which major tech companies hope will attract workers back to the office.

CASA del Northern community, North Phoenix, AZ 

In Phoenix, Bartos points to new build projects like The Grove on the Camelback Corridor and 100 Mill and Watermark in downtown Tempe, as well as heavily amenitized renovated spaces like CASA in North Phoenix or The Alexander in downtown Chandler as projects attracting significant tech leasing interest.

 Phoenix also remains a center of gravity for talent, generating from its strong educational institutions, high quality of life and creative environment, leading to growth opportunities for companies of all sizes.

CONTACT:

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

 www.jll.com

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