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3/20/15
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The Village at Lawrence Station, a multifamily complex consisting of 56 units on two contiguous parcels in Santa Clara, sold for $14.25 mil ($254k/unit). The asset was purchased from a private local trust by a large, unnamed fund.
Built in 1962, the properties are located at 3488 Agate Dr and 3508-3588 Agate Dr, north of Monroe St and just east of Lawrence Expwy. The unit mix is made up of 16 studios, 16 one-bedroom/one-bath apartments, 21 two-bedroom/one-bath units, two three-bedroom/two-bath apartments and one three-bedroom/one-bath unit.
Adam Levin, first vice president investments, and Robert Johnston, associate vice president investments, both in Marcus & Millichap’s Palo Alto office, represented the seller in the deal.
“The new owner has a wonderful opportunity to add value by repositioning The Village at Lawrence Station to take advantage of the synergistic relationship it has with the large mixed-use development that is being constructed directly behind it,” says Levin.
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