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5/28/25
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Lakewood Court Apartments, a 48-unit multifamily community in San Jose, traded hands in an $18.9 mil ($394k/unit) transaction. The asset was sold by a private investor in an all-cash deal as part of a 1031 exchange transaction.
Built in 1989, Lakewood Court Apartments is located at 1953 Via Reggio Court, within five miles of three prominent universities and close to public transportation, shopping and dining. The three-story apartment community contains 22 one-bedroom/one-bathroom units, four one-bedroom/one-bathroom lofts, 12 two-bedroom/one-bathroom units and six two-bedroom/two-bathroom units on a 1.64-acre lot.
Community amenities include a pool, spa, rooftop terrace, and laundry facilities. In-unit amenities include granite countertops, stainless-steel appliances, fireplaces, walk-in closets, balconies, patios, and porches.
Levin Johnston of Marcus & Millichap represented the seller in the deal. Eymon Binesh and Mark Kis with Levin Johnston assisted in the sales transaction, including sourcing the buyer. The transaction closed at a comparatively low cap rate of 4.69%.
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