Levin Johnston transacts $40.5 million multifamily acquisition in Mountain View, California

Levin Johnston 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 Mountain View, California.

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.

Levin Johnston transacts $40.5 million multifamily acquisition in Mountain View, California

Levin Johnston 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 Mountain View, California.

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.

Marcus & Millichap’s Institutional Property Advisors division closes San Francisco Bay Area mixed-use asset sale

The Village Residences at San Antonio Center
Institutional Property Advisors announced the sale of The Village Residences, a 330-unit luxury multifamily complex in Mountain View, California.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Village Residences, a 330-unit luxury multifamily complex with 43,206 square feet of ground-floor retail in Mountain View, California.

“Located at one of Silicon Valley’s most prominent intersections, The Village represents one of the most iconic mixed-use developments in the region,” said Philip Saglimbeni, IPA senior director. “The world’s most prolific technology companies, including Google, Facebook, Microsoft, LinkedIn, Apple, and Amazon all have major campuses within a five-mile radius of the property. Immediately adjacent to the community is Phase II of the greater Village at San Antonio Center project, which includes 441,000 square feet of Class A office space occupied by Facebook, 91,000 square feet of retail and dining space, a luxury 10-screen cinema, and a boutique 167-room Hyatt Centric hotel.” Philip Saglimbeni, Stanford Jones, IPA executive director, and IPA senior directors Bill Rose and Salvatore Saglimbeni represented the seller, a venture between Carmel Partners and Merlone Geier Partners.

“Residents in The Village Residences have immediate access to 225,000 square feet of Class A retail in the greater Village at San Antonio Center project and are within walking distance of retail and dining options that cater to the busy lifestyle of the area’s tech resident demographic,” noted Rose. “Another key component is the community’s connection to a local train line, which is precisely what today’s renters—including baby boomers and millennials who are moving to the suburbs—are seeking.”

Located at San Antonio Road and El Camino Real in Mountain View, the five-story complex is within walking distance of the San Antonio Caltrain station and less than two miles from downtown Mountain View. Residents are within easy commuting distance of major employment centers in Palo Alto, Sunnyvale, Redwood City, San Mateo, and San Jose. Downtown Los Altos is a mile and a half from the property, downtown Palo Alto is within an eight-minute Caltrain ride and Stanford University is just five miles away.

Completed in 2013 on 5.5 acres, the asset has approximately 271,779 square feet of net-rentable multifamily space and 16 retail units. Apartments have high-end interior finishes such as floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. The community amenity package includes an Atrium pool retreat with a fireside spa, canopied entertainment bar, grilling stations, and lounge seating.

“Situated between Mountain View and Los Altos, The Village Residences is in one of the most expensive zip codes in the United States,” said Jones. “The median home price is $1.65 million, and the rent-versus-own affordability gap is $7,019, or 249.2 percent, making homeownership nearly unattainable for first-time home buyers.”

Marcus & Millichap’s Institutional Property Advisors division closes San Francisco Bay Area mixed-use asset sale

The Village Residences at San Antonio Center
Institutional Property Advisors announced the sale of The Village Residences, a 330-unit luxury multifamily complex in Mountain View, California.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Village Residences, a 330-unit luxury multifamily complex with 43,206 square feet of ground-floor retail in Mountain View, California.

“Located at one of Silicon Valley’s most prominent intersections, The Village represents one of the most iconic mixed-use developments in the region,” said Philip Saglimbeni, IPA senior director. “The world’s most prolific technology companies, including Google, Facebook, Microsoft, LinkedIn, Apple, and Amazon all have major campuses within a five-mile radius of the property. Immediately adjacent to the community is Phase II of the greater Village at San Antonio Center project, which includes 441,000 square feet of Class A office space occupied by Facebook, 91,000 square feet of retail and dining space, a luxury 10-screen cinema, and a boutique 167-room Hyatt Centric hotel.” Philip Saglimbeni, Stanford Jones, IPA executive director, and IPA senior directors Bill Rose and Salvatore Saglimbeni represented the seller, a venture between Carmel Partners and Merlone Geier Partners.

“Residents in The Village Residences have immediate access to 225,000 square feet of Class A retail in the greater Village at San Antonio Center project and are within walking distance of retail and dining options that cater to the busy lifestyle of the area’s tech resident demographic,” noted Rose. “Another key component is the community’s connection to a local train line, which is precisely what today’s renters—including baby boomers and millennials who are moving to the suburbs—are seeking.”

Located at San Antonio Road and El Camino Real in Mountain View, the five-story complex is within walking distance of the San Antonio Caltrain station and less than two miles from downtown Mountain View. Residents are within easy commuting distance of major employment centers in Palo Alto, Sunnyvale, Redwood City, San Mateo, and San Jose. Downtown Los Altos is a mile and a half from the property, downtown Palo Alto is within an eight-minute Caltrain ride and Stanford University is just five miles away.

Completed in 2013 on 5.5 acres, the asset has approximately 271,779 square feet of net-rentable multifamily space and 16 retail units. Apartments have high-end interior finishes such as floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. The community amenity package includes an Atrium pool retreat with a fireside spa, canopied entertainment bar, grilling stations, and lounge seating.

“Situated between Mountain View and Los Altos, The Village Residences is in one of the most expensive zip codes in the United States,” said Jones. “The median home price is $1.65 million, and the rent-versus-own affordability gap is $7,019, or 249.2 percent, making homeownership nearly unattainable for first-time home buyers.”