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3/11/26
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Park Plaza, a 16-unit multifamily property in San Jose, was purchased by a local family investment entity in a $4.36 mil ($272.5k/unit) deal. The asset is located at 255 N. 3rd St, north of Santa Clara St and east of Hwy 87.
The well-maintained community is located near downtown San Jose, close to a range of retail, dining, and entertainment options, and strong regional connectivity. Originally built in 1964, the property features 100% one-bedroom floor plans, along with gated parking and on-site laundry facilities. It is situated near the Target-anchored San Jose Market Center, San Jose State University and Santa Clara University, and leading Silicon Valley employers including Santa Clara County Medical Center, Adobe, PwC, Deloitte, and Cisco, Park Plaza.
Levin Johnston’s Executive Managing Director Adam Levin and Executive Managing Director Robert Johnston arranged the transaction. The buyer acquired the property as part of a 1031 exchange following the sale of two single-family homes. According to a recent report from Marcus & Millichap, the San Jose metro is expected to see multifamily vacancy rates at the lowest levels in 20 years by the end of 2026.
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