Sunnyvale Multifamily Property Trades for $12.8M

SUNNYVALE, Calif., Dec. 15, 2015 – 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 Sunset Apartments, a 41-unit apartment complex in Sunnyvale, Calif. The $12.8 million sales price equates to $312,195 per unit.

“The property’s large-sized lot, low density and proximity to major Silicon Valley employers give it great investment appeal,” says Adam Levin, first vice president investments in Marcus & Millichap’s Palo Alto office. “The new owner can take advantage of the revenue stream right away and the significant land area provides options for future consideration.”

Levin, along with Robert Johnston, vice president investments and Ismael Benhamida, associate, in the firm’s Palo Alto office, represented the seller and procured the buyer; both are local family trusts.

“Sunset Apartments is quite close to the expanding concentration of high-tech corporate campuses in Moffett Park and the Moffett Park light rail station,” adds Benhamida. “Plus, the community’s unit mix is particularly well suited to serve the needs of the area’s young high-tech professionals.”

The property was built in 1959 on a 56,950-square-foot lot at 616 Morse Ave. in Sunnyvale. The unit mix is 24 studio apartments 16 one-bedroom/one-bath units and a freestanding two-bedroom/two-bath house. Community amenities include off-street covered parking, two laundry rooms, a swimming pool, and a garden courtyard.

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

West Coast Commercial Real Estate News