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5/19/23
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Here’s a quick look at four multifamily transactions totaling $7.215 mil in San Jose that closed during March 2023. The properties have a combined 22 units. The closed transactions consist of:
• 2785 Almaden Road – a five-unit multifamily asset sold for $2.25 mil ($450k/unit)
• 2742 Almaden Road – a five-unit multifamily asset sold for $1.8 mil ($360k/unit)
• 784 Deland Avenue – a six-unit multifamily asset sold for $1.59 mil ($265k/unit)
• 3158 Impala Drive – a six-unit multifamily asset sold for $1.575 mil ($262.5k/unit)
Levin Johnston brokered the deals on behalf of their private investor clients.
San Jose continues to grow as other areas in California shrink. In 2023, San Jose’s population is estimated to increase by 0.66% to over 1.82 million people. Overall, in the Bay Area, there is an ongoing imbalance of housing demand and supply which makes multifamily investments in the region a strategic long-term opportunity. In 2022, the metro areas of San Jose, which includes Santa Clara and Sunnyvale, were suffering from the worst housing supply crisis in the country.
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