December 6, 2018— Levin Johnston of Marcus Millichap one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the $24.25 million trade of Vista Del Sol, a 73-unit multifamily asset in Pleasanton, California.
Adam Levin and Robert Johnston, both Senior Managing Directors of Levin Johnston, represented both the seller, a private LLC, and the buyer, a local investor, in the transaction.
“Alameda County is currently experiencing the fastest population growth in the region – making it a highly desirable investment market,” says Levin. “The appeal of this asset is further substantiated by Pleasanton’s strong employment fundamentals and low-vacancy levels, which will drive high occupancy and a well-sustained renter base for years to come.”
Vista Del Sol recently underwent a $1.44 million capital improvement campaign consisting of extensive exterior and interior upgrades. During its ownership, the seller remodeled the clubhouse, updated the gym and outdoor pool/barbeque area, and added new signage. Inside, 50 of the 73 units were completely remodeled with designer finished, updated kitchens, and large walk-in closets.
“This was a premier opportunity to acquire a property that is already positioned for strong NOI growth,” says Levin. “By identifying a buyer who was seeking the opportunity to expand his portfolio into the Greater Bay Area, we were able to support the buyer’s goals while also achieving a strong sale price for the seller.”
Situated on 3.37 acres, the property is located in downtown Pleasanton in close proximity to I-580 and I-560, two BART stations, as well as a commuter train and regional bus service, providing direct access to the Silicon Valley, San Francisco, and the Central Valley.
“This is a prime rental location for commuters, which contributes to the strength of this asset as an investment,” says Johnston, who notes that the asset is located just one mile from Hacienda Business Park, which is home to many major employers including Kaiser Permanente, Boeing, Caltrans, and MetLife, among others, as well as a new six-story corporate headquarters development that is under construction.
“Pleasanton has been listed as one of the ‘Best Places to Live’ by several national publications and offers one of the top 10 ranked school districts in California,” Johnston continues. “These attributes will support continued renter demand for many years ahead.”
The property is also in close proximity to shopping, dining, and outdoor activities. Community amenities include a pool and spa, outdoor cabana and sundeck, and lush, landscaped greenbelts.
The property is located at 2451-2529 Santa Rita Road in Pleasanton, California.