May 31, 2018– Levin Johnston, a division of Marcus & Millichap and one of the top ten multifamily brokerage teams in the U.S., has directed the $12.5 million sale of First Street Manor, a 39-unit multifamily community situated in close proximity to Google’s newest proposed tech campus, Google Village, in downtown San Jose, California.
Levin Johnston represented the buyer and seller, both private investors, in the transaction.
“The seller, a long-time client of the Levin Johnston team, was seeking an opportunity to expand its portfolio up into the Peninsula, and our team was able to assist in identifying the right time in the cycle to sell,” says Adam Levin, Senior Managing Director of Levin Johnston. “We quickly found a buyer seeking a property with strong upside potential over the long-term, and we were able to arrange a transaction that is favorable for both parties.”
The buyer plans to perform full facade upgrades to the asset in order to rebrand the property and improve its overall value.
“San Jose remains a competitive market driven by the nearby tech employers,” states Robert Johnston, Senior Vice President of Levin Johnston. “Given the strong market fundamentals in the Bay Area and the property’s close proximity to various forms of public transit, this is a prime location for owners and residents alike.”
First Street Manor is situated in downtown San Jose, close to the future Google Village and in close proximity to the headquarters of several of the country’s top tech employers such as Apple, LinkedIn, and Facebook. The location provides a variety of dining, shopping and entertainment options to residents. Several distinguished universities such as Stanford University, San Jose University and Santa Clara University are also just a short distance away.
The property is located at 523-530 North First Street in San Jose, California.