14-Unit Townhome Complex in Mountain View Sells for $10.75MM

Mountain View, Prometheus Real Estate Group, Forest Glen Granada LLC, Palo Alto, Sunnyvale, Cupertino, Google, Intuit, Lockheed Martin, Kidder Mathews

By Catherine Sweeney

A 14-unit townhome community in Mountain View has recently come under new ownership. Located at 300 Granada Avenue, the property was sold by San Mateo-based Prometheus Real Estate Group, for $10.75 million, or approximately $767,857 per unit, public records revealed. The property was purchased by an entity associated with Forest Glen Granada LLC, which shares an address linked to Armen Tajirian. In the transaction, the seller was represented by Colliers International. 

Reaching two stories, the property is located on 0.73 acres of land, according to public records. Apartments.com also shows the community contains a mix of two- and three-bedroom units ranging in size from 816 to 1,127 square feet. Depending on unit size, price also varies from $3,425 to $4,795 per month. 

The property also contains a wide range of tenant amenities, including newly remodeled units with stainless steel appliances, attached garages, private patios and hardwood flooring. 

“Located in a quiet, tree-lined residential neighborhood, our premier two and three bedroom townhomes are a rare offering in Mountain View. Newly renovated with quartz countertops, stainless steel appliances, and top-of-the-line finishes, our residences offer plentiful natural light and spacious terraces for indoor-outdoor living. We are centrally located just minutes from fine dining, shopping, recreation, and excellent schools,” the property’s website states. 

As well as its close proximity to a variety of shopping and dining, the property is also near state roads 85, 82 and Interstate 101, providing immediate access to nearby Palo Alto, Sunnyvale and Cupertino, as well as connectivity throughout the Bay Area region. The property is also just several minutes drive from many nearby employers, including Google, Intuit, Lockheed Martin and more. 

Throughout the Bay Area, multifamily assets have been highly sought after by investors, according to a third quarter market report by Kidder Mathews. In the third quarter of the year, the region has seen vacancy rates decrease more than 29 percent to 5.6 percent. In the third quarter of 2020, vacancy in the region reached 7.9 percent. Additionally, average rental rates for multifamily assets rose approximately five percent year-over-year to $2,395, as opposed to $2,271 the year prior. 

West Coast Commercial Real Estate News