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July 20, 2019
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MULTIFAMILY NEWS
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Developer Spends $20 Mil on 3.26-Acre Development Parcel in Santa Clara County

3/29/19

A local developer paid $20 mil for a 3.26-acre land parcel in Santa Clara County, on which the buyer plans to construct a townhome community. The land parcel is currently occupied by 54 vacant mobile home units and is entitled for new development. The developer plans to deliver 60 three-story for-sale townhouses on the land.

Adam Levin of Levin Johnston represented the buyer and the seller, a high-net worth individual, in the transaction.

“Demand for for-sale housing in Bay Area submarkets is at an all-time high,” explains Levin. “Driven by robust economic growth and rapidly increasing employment, Bay Area residents need new, quality housing that is close to metro areas.”

Levin points to the extremely low 2.8% unemployment rate in the San Jose-Sunnyvale-Santa Clara MSA and the region’s increase of 7,600 jobs from January to February of 2019 alone as continue evidence of the need for new housing options.

Further, Santa Clara County is fueled by some of the largest tech hubs in the nation, including Intel, Fujitsu and Hitachi. The surrounding areas serve as headquarters to tech companies such as Apple, Google, Facebook, Tesla and Oracle, among others, all of which attract a strong workforce in need of housing.





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