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June 20, 2024
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San Jose Apartment Community from 1961 Sells for $379k per Unit


A 24-unit multifamily asset in Willow Glen, a prime submarket of San Jose, traded hands in a recent $9.1 mil ($379k/unit) transaction. The property is located at 51 Glen Eyrie Ave, south of I-280 and west of Hwy 87.

Originally constructed in 1961 and situated on a 21.6k sf parcel of land, the apartment community that recently changed hands offers residents beautifully designed one-bedroom and two-bedroom floor plans. Interior amenities include stainless steel appliances, granite countertops, vinyl plank flooring, and double-pane windows.

The property is located within the desirable Willow Glen neighborhood, within walking distance to the area’s historic downtown. Additional appeal comes from Willow Glen’s reputation as one of the safest neighborhoods to live in, boasting some of the highest ratings across diversity, safety, comfort, and local school district rankings.

Residents can take advantage of an on-site laundry room and assigned covered and open parking spaces. Nearby attractions include the San Jose Museum of Art, Cathedral Basilica of St. Joseph, and the Japanese Friendship Garden Regional Park, all which can be accessed by convenient public transportation. The neighborhood scored a high walkability score, an 85 out of 100, and deemed very bikeable for residents that are interested in an active lifestyle.

Adam Levin, Robert Johnston and Eymon Binesh with Levin Johnston represented the seller and procured the buyer, both local private investors within the Bay Area.

“San Jose continues to be one of the most lucrative and highly competitive multifamily markets in the country, as population and employment opportunities rapidly increase,” says Levin. “San Jose is the largest city in Santa Clara County, and San Jose’s population is expected to reach over 1 million residents this year as people move to the city in search of employment opportunities. This property is a coveted asset, as it is ideally situated in a central neighborhood that offers quick access to major employers.”

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