CAMPBELL, Calif., Feb. 17, 2016 – 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 Sol@Campbell, a 40-unit apartment community located in downtown Campbell, Calif. The $14 million sales price equates to $350,000 per unit.
“The asset is a recently renovated apartment community in one of the strongest rental markets in the country,” says Mitchell Zurich, vice president investments in Marcus & Millichap’s Palo Alto office.
Zurich represented the seller, an investment group based in Palo Alto.
The property is located on two separate contiguous parcels at 300 Dunster Drive and 350 Dunster Drive in Campbell, across from the Campbell Community Center and within walking distance of downtown Campbell, The Pruneyard shopping center and office towers, Hamilton Plaza, Campbell Park and a Santa Clara Valley Transportation Authority (VTA) light rail station. Many Silicon Valley tech employers are within a short commute.
Built in 1957 and renovated in 2015, Sol@Campbell features a mix of one and- two-bedroom apartment homes. Units feature upgraded kitchens, baths and cabinetry, stainless-steel appliances, wood plank and/or carpeted flooring and energy efficient windows. Shared amenities include Wi-Fi available inside every residence, state-of-the-art laundry facilities and reserved carport parking.
About Marcus & Millichap (NYSE: MMI)
With over 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.