The Levin Johnston team at Marcus & Millichap directed the $12.1-million acquisition of Alamo Park Apartments, a 33-unit multifamily community in Mountain View, on behalf of a private investor. The acquisition completes a 1031 exchange that began with July’s $5.6-million sale of The Colony House Apartments in Sacramento.
Located at 620 Alamo Ct., the original 25-unit community was built in 1974. The previous ownership recently expanded the property from 25 units to 33, converting tuck-under parking and adding a newly constructed duplex with eight accessory dwelling units (ADUs). This gave the buyer a rare opportunity to acquire new, market-rate inventory within an established community in one of Silicon Valley’s tightest submarkets, said Adam Levin, Executive Managing Director of Levin Johnston.
“The additional units command new-construction rents and carry no deferred maintenance,” Levin said. “Vintage Silicon Valley product typically cannot offer that positioning. We were able to negotiate a basis below recent comparable sales, which made the investment particularly compelling for our client and aligned with the long-term objectives of the exchange.”
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