[contextly_sidebar id=”YUKIo2xbw5Xk2l2KfCehmDBRmGMNhXpB”]The 24-units Montebello Apartments in Mountain View have been sold [for $9.7 million] to a new owner, having been owned by the same family since it was completed in 1960. The property, located near downtown Mountain View and a few blocks away from the Los Altos border, features studios, one-bedroom and two bedroom units with high vaulted ceilings and large decks and patios on all units. There is a central pool courtyard and onsite laundry facilities for the residents. There is a newly planned regional park that will be constructed across the street from the property and there are several other properties nearby that are pending redevelopment.
The seller, a private family partnership, built the property in 1960 and had self-managed the property for the last 56 years. The buyer is a private partnership headed by Wayne Levenfeld and Greg Galli.
According to the broker, the property generated substantial interest from all over California due to the upside opportunities.
Ryan Wagner, Senior Vice President with Colliers International represented both the seller and the buyer in the transaction.
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