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8/03/20
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Three Bay Area multifamily properties that were part of a six-property portfolio were acquired by one buyer in separate deals totaling $34.32 mil. The properties are in Sunnyvale, Los Gatos and San Jose.
The three properties in the portfolio include:
• 1234 Sunnyvale Saratoga Road in Sunnyvale: a 34-unit multifamily property that is situated on 1.28 acres, which sold for approximately $15.3 mil. Originally constructed in 1963, the property features an attractive mix of one studio apartment, 12 one-bedroom/one-bathroom apartments, 13 two-bedroom/one-bathroom apartments, seven two-bedroom/one-and-a-half bathroom apartments, and one three-bedroom/two-bathroom apartment. The asset has undergone significant exterior and interior improvements including carpet and linoleum replacement. The property offers renters a community courtyard, private individual parking and on-site laundry facility.
• 100 Oak Rim Way in Los Gatos: a 1.15-acre, 24-unit multifamily property which sold for a total of approximately $11.52 mil. The building was constructed in 1961 and offers renters a mix of four one-bedroom/one-bathroom and 20 two-bedroom/one-and-a-half bathroom apartments. Recent interior upgrades include new carpet, new windows and linoleum replacements.
• 2905 Old Almaden Road in San Jose: a 25-unit multifamily property situated on 0.7 acres that sold for approximately $7.5 mil. The asset was originally constructed in 1961 and has a gross building area of 20.2k sf, offering its tenants 20 one-bedroom/one-bathroom apartments, four two-bedroom/two-bathroom apartments and one three-bedroom/two-bathroom apartment.
Shared community amenities include a community courtyard, picnic area, private carports, security cameras and an on-site laundry facility.
Levin Johnston’s Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston represented the seller and procured the buyer.
“While the multifamily market is certainly riding out the wave of the pandemic, the Bay Area provides a silver lining to strategic multifamily investors looking to expand their portfolio. Tech giants including Facebook, Google and Salesforce recently announced new job openings, making the Bay Area an attractive choice for renters,” explains Levin.
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