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BAY AREA NEWS
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Private Investor Pays $700k/Unit for Palo Alto Multifamily Property

4/19/18

A private investor paid $8.45 mil for Villa Sierra Apartments, a 12-unit ($704k/unit) multifamily community in Palo Alto. The property is located at 801 Middlefield Rd, in the city’s downtown region, with shopping, dining and major transportation corridors nearby and Stanford University just under two miles away.

In order to increase value, the buyer intends to implement major renovations to every unit. Upgrades will occur as leases roll over and expire, so as to not disturb or displace current residents.

The seller, an entity that is based outside of the U.S. and on the East Coast, owned and operated the property for more than 30 years. Adam Levin and Robert Johnston with Levin Johnston represented both parties in the transaction.





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