By IvyLee Rosario
Old Adobe Management Co. has sold Velocity at Lawrence Station, a 56-unit community in Santa Clara, Calif. Levin Johnston represented the seller in directing the record-breaking price-per-unit sale of the property, which went for $456,250 per unit, or a total of $25.5 million. The team previously assisted Old Adobe in acquiring the property in February of 2015 for $14.3 million.
“The Bay Area multifamily market remains exceptionally strong—a factor that is further demonstrated by our recent record-breaking price-per-unit sale,” Adam Levin, senior managing director of Levin Johnston, told Multi-Housing News. “With unemployment rates at historic lows and a high quality of life that draws people and companies from all over the world, the Bay Area will continue to attract investor demand for several years to come.”
Located at 3488 Agate Drive, the community features studio, one-, two- and three-bedroom floorplans, ranging from 433 to 1,300 square feet. Comprising two, two-story buildings, the property underwent large-scale renovations on both the interiors and exteriors. These included new roofing, upgraded plumbing including copper risers and sewer lines, new electrical wiring, drought-resistant landscaping, brand new carports and newly upgraded common areas with barbecues. Interior renovations included the addition of quartz countertops, new dishwashers, modern paint schemes and washer/dryers.
“This level of upgrades is nearly unheard of in today’s market, and speaks to the commitment and expertise of the seller,” said Levin, in a prepared statement. “By investing in the amenities that matter most to tenants, Old Adobe Management Co. was able to enhance the value and lifespan of the property for future owners, while substantially increasing their return on investment.”
The property is within close proximity to the Lawrence Station Caltrain, which offers 10- to 20-minute rides to Mountain View, Menlo Park and Palo Alto.
Images courtesy of Levin Johnston