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Bay Area Res Portfolio Sold in $24.7 Mil Transaction

6/23/20

A 59-unit multifamily portfolio comprised of three adjacent buildings in Santa Clara was sold in a recent $24.7 mil ($418.6k/unit) transaction. The portfolio, which was acquired in an off-market transaction, 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.

The three properties in the portfolio, also known as Marymount Place Apartments, include:

1962 Bellomy Street, a 37-unit multifamily property situated on 0.96 acres that sold for approximately $15.9 mil. 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.

1978 Bellomy Street, a 14-unit multifamily property that sold for $6.1 mil. 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 eight-unit multifamily property that sold for $2.7 mil. The asset was originally constructed in 1951 and has a gross building area of 2.9k sf, offering its tenants strategically designed one-bedroom floor plans. Shared community amenities include on-site laundry facilities, a swimming pool, and covered parking.

Adam Levin and Robert Johnston with Levin Johnstons represented the seller and procured the buyer in the deal. According to Levin, investor demand outweighs the current supply of available multifamily properties in the Bay Area.

“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.”





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