The price per unit is more than $345,000.
MILPITAS, Calif., July 7, 2017 – 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 Calaveras and Adams Portfolio, a group of eight fourplex apartment properties in Milpitas, California. The $11.05 million sales price equates to more than $345,000 per unit.
“The properties’ great unit mix and location make them a desirable place to call home for many tenants and the portfolio is well positioned to provide new ownership with stable rental rate growth and appreciation,” says Adam Levin, senior managing director investments in Marcus & Millichap’s Palo Alto office.
“We procured several offers and more than met our client’s financial goals,” adds Robert Johnston, senior vice president investments. “The buyer is well positioned to benefit from the East Bay multifamily market’s strong employment fundamentals, low vacancy levels, and rapidly expanding rental demand.”
Levin, Johnston, and Chris Saiz, associate, represented the seller, a family trust. The buyer is an overseas-based investor.
Built in 1962, the properties are situated on approximately two acres at 1559 E. Calaveras Blvd. in Milpitas. The apartments are near major bus lines, a Santa Clara Valley Transportation Authority (VTA) light rail station and the new Milpitas BART station, which is scheduled to open later this year.
“We are pleased to have helped our client procure a successful buyer for the portfolio,” commentsSaiz. “The new owner will benefit from the property’s central location within Silicon Valley and the area’s strong employment fundamentals.”
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 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