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September 19, 2019
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NORTHERN CALIFORNIA NEWS
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Two Bay Area Multifamily Properties Trade in Deals Totaling Over $23 Mil

8/22/19

We’ve got two recent Bay Area multifamily sales with a combined price tag of $23.4 mil to report. One of the deals was in the East Bay, while the other was in Silicon Valley.

Terra Castro Valley
Terra Castro Valley
In the larger of the transactions, Terra Castro Valley, a 37-unit multifamily community in the East Bay’s Castro Valley, was purchased for $12.9 mil ($349k/unit) by an institutional buyer. The property is located at 2275 Grove Way.

Originally constructed in 1964, Terra Castro Valley is a pet-friendly property featuring 31 two-bedroom townhomes and six one-bedroom apartments, as well as a resort-style pool, on-site laundry, assigned parking, and secured gated entry. The apartments offer private patios, while the townhomes feature enclosed yards.

Terra Castro Valley offers renters close proximity to the nation’s top tech employers, including Tesla, Google, Oracle, Facebook, Visa, Sony, and many others. The asset is also located less than one mile from Castro Valley Marketplace, a three-level gourmet lifestyle center set to open in fall 2019. The center will feature a butcher, bakery, patisserie, natural grocery store, full-service restaurant, wine bar, cooking school, apothecary, and event space.

Levin Johnston of Marcus & Millichap represented both parties in the transaction. According to the firm, the seller had made interior and exterior improvements in order to increase the property’s value upon sale.

In the other transaction, a private investor paid $10.5 mil for Hawthorne Apartments, a 16-unit ($656k/unit) multifamily community in Palo Alto. Built in 1956 and renovated in 2018, Hawthorne Apartments offers one-bedroom units with private parking garages or assigned parking spaces, on-site laundry, and a bike rack.

The property is located at 325-327 Hawthorne Avenue in Palo Alto. Hawthorne Apartments is situated in the Downtown North neighborhood of Palo Alto – an exceptionally affluent pocket where 53% of the population holds a master’s degree or higher.

Adam Levin of Levin Johnston represented the buyer and the seller, an institutional investor, in the deal.

“Hawthorne Apartments represented a rare opportunity to acquire a turnkey asset in a trophy location within this high barrier-to-entry market,” says Levin. “The sale price reflects the strong appeal of well-positioned multifamily communities within one of the Bay Area’s most desired cities.”




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