California Townhome Property Changes Hands
Levin Johnston of Marcus & Millichap advised the private buyer to offer $40.5 million for the acquisition.
A multifamily townhome community at 2310 Rock St. in Mountain View, Calif., has been acquired by a private buyer for $40.5 million. The acquisition price represented a record-high sales price for a multifamily property in the Mountain View market.
Levin Johnston of Marcus & Millichap, advised the private buyer to offer $40.5 million in bidding for the property, located in one of the nation’s most competitive markets.
The 59 townhomes feature wood laminate floors, small backyards and carports.
“The challenge that accompanied this specific transaction was its highly competitive market,” Adam Levin, executive managing director, Levin Johnston of Marcus & Millichap, told Multi-Housing News. “Prices for both rentals and homes are at an all-time high. By understanding the long-term value of the land and strong demand for housing in the Mountain View submarket, we were able to offer a record-high sales price that ultimately won our client the deal.”
The community is situated within walking distance of highly-rated public schools and within one mile of Foothill College, as well as three shopping centers. The property is 2.2 miles from public transit and less than 3 miles from two commuter rail stations. Opportunities for recreation within 5 miles include J. Pearce Mitchell, Terman and Bol Parks, and the Stevens Creek Shoreline Nature Study Area and Esther Clark Nature Preserve.
The property is within 5.2 miles of Stanford University and less than 45 minutes from San Jose International, San Francisco International and Oakland International Airports.
A major employment center in the heart of Silicon Valley, Mountain View is a city of 80,000 residents and is the headquarters city of Alphabet Inc., the corporate parent of Google and several Google subsidiaries.
The region has gained almost 100,000 additional jobs in the past 12 months, and benefits from exceptionally low unemployment. The job growth has helped spark demand for the 6,400 multifamily units completed in the past year. Vacancies remain in the high three percent range, leaving the region poised to readily absorb the 3,600 additional units scheduled to deliver in the fourth quarter.