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7/05/23
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Here’s a quick update on six multifamily transactions in the Bay Area that totaled more than $19 mil. The deals were brokered, at least in part, by Levin Johnston of Marcus and Millichap, who represented the sellers and sourced the buyers, private investor clients, in each of the six transactions.
The closed transactions include:
454 Paula Ct, Santa Clara - $4.1 mil
This nine-unit apartment asset is located in the prime employment hub of Santa Clara. Many of the largest technology companies have operations in or near Santa Clara including Google, Apple, LinkedIn, Microsoft, Intel, Yahoo and others, attracting high-caliber tenants with longstanding value. The key location and desirable unit mix consisting of partially renovated studio, one-, two-, and three-bedroom floor plans provided an exceptional acquisition prospect and drew significant buyer activity.
360 Chiquita Ave, Mountain View - $3.9 mil
Situated within walking distance to Downtown Mountain View and San Antonio Shopping Center, this 12-unit apartment community afforded the buyer a unique opportunity to capitalize on location and increase value through deferred maintenance initiatives. Select units have recently undergone capital improvements including vinyl plank flooring and updated bathroom features.
1150 Greenwood Ave, San Carlos - $3.51 mil
This 13-unit asset is located in thriving Downtown San Carlos. The buyer was seeking an investment opportunity in a prime location, with solid returns and long-term value potential. The deal closed at a 5.52% cap rate.
317 Elm St, San Mateo – $2.75 mil
This well maintained, seven-unit property is located near Downtown San Mateo and Burlingame. With the seller completing recent capital improvements including a new roof and new exterior lighting, the asset provided the buyer an opportunity to achieve immediate returns on their investment.
903 Adams St, Redwood City – nearly $2.6 mil
Located within walking distance to the lively downtown area, this exclusive five-unit asset offers tenants beautifully designed one- and two-bedroom floor plans featuring modern unit amenities, individual water heaters, private garages, and private enclosed patios in select units.
3719 Emerson St, Oakland - $2 mil
Located in Oakland’s Glenview District, this nine-unit apartment community is centrally positioned within walking distance to local dining, retail, and community parks. With recent capital improvements completed by the seller, this asset offered the buyer significant opportunity to increase future cash flow, securing strong tenants as many households relocate to Oakland. Bordered by the City of San Francisco to the north and Santa Clara County to the south, the Bay Area is one of the most highly desirable submarkets for the multifamily sector. Connected to Silicon Valley, the highly skilled technology pool that comes with the region has contributed to a significant uptick in growth and prosperity for the region.
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