SANTA CLARA, Calif., March 19, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Village at Lawrence Station, two contiguous parcels totaling 56 multifamily units in Santa Clara, Calif. The $14.25 million sales price equates to approximately $260,000 per unit.
Adam Levin, first vice president investments, and Robert Johnston, associate vice president investments, both in Marcus & Millichap’s Palo Alto office, represented the seller, a private local trust, and the buyer, a large fund.
“The new owner has a wonderful opportunity to add value by repositioning The Village at Lawrence Station to take advantage of the synergistic relationship it has with the large mixed-use development that is being constructed directly behind it,” says Levin.
“The investment appeal of this asset is driven by the area’s strong employment fundamentals, low vacancy levels and consistent rental growth,” adds Johnston. “The Village at Lawrence Station is well positioned for future NOI growth given its location, amenities, the perpetual housing constraints in the market, and the continued economic upturn in Silicon Valley.”
Built in 1962, the properties are located at 3488 Agate Drive and 3508-3588 Agate Drive in Santa Clara.
The unit mix is 16 studios, 16 one-bedroom/one-bath apartments, 21 two-bedroom/one-bath units, two three-bedroom/two-bath apartments and one three-bedroom/one-bath unit.
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