Palo Alto Community Changes Hands
- Apr 24, 2018
Levin Johnston has arranged the sale of Villa Sierra Apartments, a 12-unit community in Palo Alto, Calif., for $8.5 million. The brokerage team represented both the seller, an international owner, and the buyer, a local investor.
Located at 801 Middlefield Road, the property is situated in Palo Alto’s downtown area, near various shopping and dining options. Additionally, the community is near Bayshore Freeway and State Route 82, approximately 20 miles from San Jose. Villa Sierra provides quick access to Silicon Valley’s top tech employers and is situated within two miles of Stanford University. The buyer plans to upgrade the units of the property; the renovation process is slated to start after current leases expire.
“It is extremely rare for a multifamily property in this high-performing market to become available,” said Adam Levin, senior managing director of Levin Johnston, in prepared remarks. “The Palo Alto submarket is exceptional in its long-term performance. Further, throughout the Silicon Valley, properties near corporate campuses or transportation routes remain attractive to investors, prompting cap rates in the low 4 percent range.”
Image courtesy of Levin Johnston