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March 25, 2019
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MULTIFAMILY NEWS
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Mountain View Apartment Property Trades for $550k/Unit

1/07/19

A 16-unit multifamily community in the upscale Bay Area city of Mountain View was purchased by a private investor for $8.8 mil ($550k/unit). This was the first time on the market in more than 25 years for the property, situated on two contiguous parcels totaling almost one acre at 440 North Rengstorff Ave.

The asset, located walking distance from Google's headquarters, 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. The low-density property is also in close proximity to many other top tech employers such as Facebook, Apple, and Amazon, among others.

The property consists of four four-unit buildings, two community laundry rooms and 32 parking spaces. It contains all two-bedroom/one-bathroom, single-story cottage-style units averaging just under 800 sf, with large fenced backyards and two assigned parking spaces each.

Adding to the asset’s appeal, it is well-positioned for significant value-add improvements through renovation or potential re-development, since the zoning specifies higher density. Multiple nearby properties have been developed into townhouse communities.

Adam Levin and Robert Johnston with Levin Johnston represented the buyer, 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. Future job growth over the next 10 years is predicted at 43.6%, which is higher than the U.S. average of 38%. All of this activity supports renter demand at an all-time high.”





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