November 19, 2018 – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the $16.8 million acquisition of a multifamily community in the ultra-exclusive Palo Alto market.
“In a market with exceptional fundamentals and tremendous investor demand, this acquisition represents a unique opportunity to help a private investor exchange into a core property with long-term value potential,” says Adam Levin, Senior Managing Director of Levin Johnston.
Levin and Robert Johnston, also a Senior Managing Director with Levin Johnston, represented the buyer, a private high net worth investor, as well as the seller, a Northern California-based multifamily development company.
“The investment appeal of this asset is driven by Palo Alto’s exceptional employment fundamentals and low vacancy levels,” says Johnston. “Job growth in Santa Clara County is projected at 38.2 percent during the period from 2005 to 2025 – higher than the surrounding Bay Area projections. This city is thriving, and property owners and investors continue to reap strong benefits.”
The 32-unit apartment community is located in downtown Palo Alto in close proximity to schools, shopping, dining, major transportation hubs, and major employers such as Facebook and Tesla. The property was recently renovated to include an upgraded community BBQ 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,” says Levin. “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.”
The property is located at 283-301 & 327 Curtner Avenue in Palo Alto, California.