January 17, 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 $17.28 million sale of Lakewood Court Apartments, a 48-unit multifamily asset in San Jose, California.
Senior Managing Directors Adam Levin and Robert Johnston, and Investment Associate Eymon Binesh, all of Levin Johnston of Marcus and Millichap, represented both the seller, a private family, and the buyer, Sridhar Equities.“The seller approached our firm based on our market expertise and proven track record of keeping our finger on the pulse of the market, and that is exactly how the transaction played out,” said Johnston. “We brought the property to market in order to obtain the best result for the seller, and were proud that with several competing brokers working on the buy side, it was our firm that was able to procure the most qualified buyer and successfully close the deal.”
The property is located in downtown San Jose in close proximity to I-680 and I-880, making it proximate to both the San Jose and Oakland International Airports, as well as to light rail stations.
Levin explains “San Jose is a metro area that is defined by its suburban neighborhoods and large tech campuses including PayPal, Adobe, Cisco and eBay. “The asset is located in the heart of Silicon Valley, a prime rental location for the commuter lifestyle of the tech industry renters. Based on the property’s favorable location, good condition, and below market rents with no rent control, we were able to achieve a strong market cap rate of 5.32 percent.”
Lakewood Court Apartments was built in 1988 and is situated on 1.64 acres. The apartment community offers one- and two-bedroom pet-friendly units as well as assigned garage parking and a community pool and spa. Located at 1953 Via Reggio Court in San Jose, California, the property is in close proximity to schools, outdoor recreation, shopping and dining.
In 2018, Levin Johnston of Marcus and Millichap successfully directed 55 transactions totaling over $700 million in the Bay Area market.