Levin Johnston of Marcus and Millichap finalized the sale of Archer Gardens Apartments, a circa-1972, 32-unit multifamily building located at 633 Archer St. in Salinas, which currently has some of the fastest-growing apartment rents in the country. The sale price was $8.25 million.
“The buyer of Archer Gardens Apartments recognized the value of a legacy asset in a region with a significantly constrained supply of new multifamily projects,” said Robert Johnston, executive managing director of Levin Johnston. “The seller is indicative of the current trend of investors looking to trade up from smaller properties to larger, high-quality assets in rapidly growing emerging areas to hedge against inflation.”
The proceeds are expected to be invested in a 50-unit-plus multifamily asset as part of an adjustment to the seller’s portfolio, added Adam Levin, executive managing director of Levin Johnston. Levin, Johnston and investment associate Joshua Velo represented the seller and procured the buyer.
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