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July 21, 2019
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NORTHERN CALIFORNIA NEWS
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San Jose Multifamily Property Trades for $350k/Unit

4/11/19

Delano Apartments, a fully upgraded 35-unit multifamily community in San Jose, sold for $10 mil, or $350k/unit. Located at 272-280 La Pala Dr, the property is in close proximity to major employers, transportation corridors, shopping, dining and entertainment options.

Situated on 0.84 acres, Delano Apartments was built in 1960 and offers an attractive mix of one- and two-bedroom floor plans. The property features a community swimming pool, on-site leasing office, coin-operated laundry facility and secured gated perimeter with security cameras. The newly renovated units offer renters granite countertops, engineered hardwood flooring, stainless steel appliances, and modern light fixtures.

Adam Levin and Robert Johnston with Levin Johnston represented the seller, a private high net worth investor, in the transaction. We do not have information on the buyer at this time.

“San Jose is widely recognized as ‘The Capital of Silicon Valley,’ with tech employers such as eBay, Apple, Yahoo!, Google and Facebook headquartered here,” Levin explains. “The job market in the Bay Area is expected to grow two percent this year and one percent in 2020. As this economic growth continues, the buyer of this property will benefit from continued renter demand throughout the region.”





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