Silicon Valley Community Sells for $17M
- Dec 03, 2018
Levin Johnston of Marcus & Millichap has arranged the sale of a 32-unit community located in Palo Alto, Calif. A Northern California-based development company sold the property to a private investor for $16.8 million.
Situated at 283 to 301 and 327 Curtner Ave., the property is just off Freeway 82, approximately 20 miles from downtown San Jose. The area is surrounded by many shopping and dining options, including Charleston Shopping Center, Midtown Shopping Center and Charleston Plaza. Additionally, the property is close to employers such as Facebook and Tesla. The community has also recently undergone renovations, with upgrades including a new barbecue area and pet washing station.
“This is a well-maintained property with high occupancy that benefits from a growing renter base, which will sustain long-term demand and value creation,” said Adam Levin, senior managing director at Levin Johnston, in prepared remarks. “While it is true that the local multifamily market is tightening, this acquisition proves that we are still able to identify and secure value-add opportunities for multifamily investors in this region.”
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