August 6, 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, announced today the $22.5 million sale of a 1.72-acre land parcel in Mountain View, California.
This sale represents a record high price-per-acre in the Silicon Valley, where there is little land available, according to Adam Levin, Senior Managing Director of Levin Johnston.
Levin represented the seller, a private high net worth investor, as well as the buyer, California-based SummerHill Homes, in the transaction.
“This was a prime opportunity to own a well-located land parcel with development entitlements already in place,” says Levin. “By bringing in a buyer with the expertise to develop the land, we were able to create tremendous value for the seller, the buyer, and the surrounding community.”
The land parcel is located near the intersection of West Middlefield Road and Rengstorff Avenue in Mountain View, in close proximity to the Google headquarters.
The buyer, an expert homebuilder, plans to develop 40 new for-sale townhomes, offering new housing options to the Mountain View community, according to Levin.
“Mountain View is an exceptional market with extremely strong fundamentals,” says Levin. “Google employs over 62,000 people in the immediate vicinity, and the demand for homes in this market is at an all-time high. Based on this rising demand and the strength of the buyer, we anticipate that this property will deliver a deep value proposition for many years to come.”