$23.65M Sale of Silicon Valley Multifamily Asset

BELMONT, Calif. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of three21@belmont, a 65-unit apartment complex in Belmont, Calif. The $23,650,000 sales price equates to $363,846 per unit.

Adam Levin, first vice president investments and Robert Johnston, vice president investments, both in Marcus & Millichap’s Palo Alto office, represented the seller, and procured the buyer.

“Located in one of the strongest rental markets in the country, three21@belmont is within walking distance of the Oracle campus and provides the new owner with a substantial revenue enhancement opportunity,” says Levin.

“Apartments like three21@belmont with close proximity to strong employment corridors see a 10 to 20 percent premium in rent,” adds Johnston. “Previous ownership extensively renovated the property and added amenities that allowed management to push rents to $4 per square foot.”

Exterior renovations include new redwood siding, exterior paint, dual-pane windows and sliders and energy-efficient light fixtures. Interior upgrades include a new management office, remodeled lobbies, an electronic door entry system, new pool deck and resurfaced pool, gym, remodeled laundry facilities and new common area hallways and interior common stairwells.

Built in 1968 on 1.5 acres at 301-321 Oxford Way in Belmont, three21@belmont consists of two three-story buildings with elevators and separate lobbies connected by a heated swimming pool. There are 75 parking spaces and four on-site laundry rooms. The unit mix is 37 junior one-bedroom/one-bath units and 28 deluxe one-bedroom/one-bath apartments.

About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

West Coast Commercial Real Estate News