Levin Johnston of Marcus and Millichap, correctly advised its client, a private buyer, to offer $40,500,000 to be selected as the successful bidder in the acquisition of a multifamily townhome property located in one of the country’s most competitive acquisition markets, Mountain View, California, according to Adam Levin, Executive Managing Director of Levin Johnston.
Levin Johnston is one of the top multifamily brokerage teams in the U.S. The team specializes in wealth management through commercial real estate investments.
“Although the acquisition price represented a record-high sales price for a multifamily property in the Mountain View market, we and the buyer understand the long-term value of the land and the ready demand for housing in the community and were willing to come up to the number that would win our client the deal,” explains Levin.
“With this unprecedented transaction, Levin Johnston continues to lead the market in commercial sales in the Bay Area,” Levin adds. “We were able to compete for 2310 Rock Street by understanding the required pricing necessary to close an acquisition of this type in the hyper-desirable Mountain View market.”
“Our firm is consistently able to bring the right capital to each opportunity to ensure successful closings of win-win transactions,” says Robert Johnston, Senior Managing Director of Levin Johnston. “We continue to lead the market in getting deals closed and exceeding our clients’ expectations on both sides of a transaction.”
Built in 1970, 2310 Rock Street is a 59-unit multifamily townhome community with a Walk Score of 82, situated 2.2 miles away from public transit and less than 3 miles from two commuter rail stations. The community is located one mile from Foothill College, 5.2 miles from Stanford University, within walking distance of highly rated public schools, as well as within a mile of three shopping centers and within 5 miles of several parks and nature preserves. San Jose International, San Francisco International, and Oakland International airports are less than an hour’s drive away from the property.
Located in the heart of Silicon Valley, Mountain View houses nearly 80,000 residents, as well as high-tech firms including the headquarters campus for Google. During the past 12 months, nearly 100,000 additional jobs were created in the region amid extremely low unemployment, helping to fuel demand for the 6,400 multifamily units completed over the past four quarters. During this time, strong absorption held vacancy in the high-3% band, positioning the region to easily absorb the 3,600 doors slated for fourth quarter delivery.
Levin Johnston has completed over $540 million in sales spanning more than 60 transactions in 2019 to date, demonstrating continued health in the commercial real estate market in this region.