SANTA CLARA, Calif., (January 25, 2018) – Levin Johnston, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has directed the record-breaking price per unit sale of Velocity at Lawrence Station, which sold for $456,250 per unit, or a total of $25,550,000, on behalf of the seller, Old Adobe Management Company.
“This is the ultimate example of a successful full-cycle investment,” says Robert Johnston, Senior Vice President of Levin Johnston. “The Levin Johnston team assisted Old Adobe Management Company in acquiring this 56-unit property in February of 2015 for $14,250,000. After extensive strategic renovations, the property’s value increased exponentially, enabling us to achieve a per-unit sale price that is the highest in the history of Santa Clara for a community with more than 10 units, according to CoStar.”
Large-scale renovations were performed on both the interior and exterior of the property, including new roofing, upgraded plumbing including copper risers and sewer lines, and brand new electrical wiring in every unit. The property also features all-new, drought-resistant landscaping, as well as brand new carports and newly upgraded common areas with barbeques. In-unit amenities were substantially upgraded, including high-end, designer finishes such as quartz countertops and modern paint schemes, as well as new dishwashers and the addition of washers and dryers in every unit.
“This level of upgrades is nearly unheard of in today’s market, and speaks to the commitment and expertise of the seller,” states Adam Levin, Senior Managing Director of Levin Johnston. “By investing in the amenities that matter most to tenants, Old Adobe Management Company was able to enhance the value and lifespan of the property for future owners, while substantially increasing their return on investment.”
The asset is located in the heart of Silicon Valley, which boasts high multifamily occupancy rates and strong employment fundamentals.
“The Bay Area market is characterized by its outstanding employment rates, and Santa Clara’s fundamentals are on trend,” notes Levin. “Unemployment in Santa Clara recently dropped to 2.6%, fueling continued strong demand in the local multifamily sector. This tenant demand continues to drive increased investor interest, enabling us to achieve strong returns for our Client through this sale.”
The property is located in walking distance to Lawrence Station Caltrain, which offers a short 10- to 20-minute commute to Mountain View, Palo Alto, Menlo Park and other nearby hubs for major employers such as LinkedIn, Intel, Facebook, Apple, Yahoo! and Google.
Velocity at Lawrence Station was acquired by a private owner (EDITOR’S NOTE: According to public documents, the buyer was the family office of Shabtai and Eileen Evan). The property is located at 3488 and 3508-3518 Agate Drive in Santa Clara, California.
About Levin Johnston
Levin Johnston is one of the top multifamily brokerage teams in the U.S. specializing in wealth management through multifamily and commercial real estate investments. With a focus on growing and sustaining wealth for each and every Client, the Levin Johnston team is expert in investment sales and acquisitions, value-driven asset management, 1031 exchanges, and ongoing advisory services. Since its inception, Levin Johnston has directed more than $2 Billion in transactions, resulting in stable risk-adjusted returns for investors throughout the U.S. Levin Johnston is part of Marcus & Millichap’s Palo Alto office.