Asset Near Oracle Commands Premium
- Aug 12, 2015
A multi-family asset in Belmont recently traded hands for $363,846 per unit, underscoring the strong demand for product in the Bay Area. Arranged by Marcus & Millichap representatives Robert Johnston and Adam Levin, who both represented the seller and procured the buyer, the transaction was worth $23.65 million.
Known as three21@belmont, the 65-unit residential community is located on a 1.5-acre lot at 301-321 Oxford Way in Belmont. Although almost a half-century old, the community has undergone an extensive renovation that has allowed ownership to increase rents to $4 per square foot. Units like those at three21@belmont will command a 10 to 20 percent in rent, Johnson noted in a statement. The asset is located close to the Oracle campus.
The previous owner added new redwood siding, exterior paint, dual-pane windows and sliders and energy-efficient light fixtures to the property’s exterior. Interior upgrades included a new management office, remodeled lobbies, electronic door system, a new pool deck and resurfaced pool, gym, laundry facilities and new common-area hallways and stairwells. The unit mix at three21@belmont consists of 37 junior one-bedroom units and 28 deluxe one-bedroom apartments.