Investment Group with Value-Add Focus Acquires Santa Clara Multifamily
Levin Johnston of Marcus & Millichap completed the $18-million sale of a portfolio of three contiguous garden-style multifamily buildings totaling 59 units on Bellomy Street in Santa Clara. The Levin Johnston team procured a local investment group focused on value-add acquisitions as the buyer.
“The Bellomy Street portfolio transaction offers investors a rare opportunity to acquire well-situated legacy assets in one of Silicon Valley’s most supply-constrained rental markets,” said Robert Johnston, executive managing director of Levin Johnston. “With the market showing clear signs of recovery and affordability pressures reshaping tenant demand, we think low-density assets like these are positioned to outperform in the next phase of the real estate cycle.”
Added Adam Levin, executive managing director at Levin Johnston, “Our approach in this deal was grounded in understanding the buyer’s long-term objectives. The ability to acquire a contiguous portfolio with optionality to reposition the assets aligns well with evolving investment strategies in today’s multifamily landscape.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout