Levin Johnston Team Closes Belmont Apartment Sale
Marcus & Millichap arranged the sale and financing of Carlmont Hills Apartments, a 16-unit multifamily property located at 2401 Carlmont Dr. in Belmont. The property sold for $5.75 million or $359,375 per unit. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $3.8 million in acquisition financing.
“Carlmont Hills Apartments offered the buyer an opportunity to acquire a well-maintained asset with meaningful upside through continued interior and exterior renovations,” said Adam Levin, executive managing director investments. “Belmont’s limited housing supply, low vacancy and proximity to Silicon Valley’s major employment centers continue to support rental growth, positioning the property for long-term appreciation.”
Levin and Robert Johnston, of the Levin Johnston team based out of Marcus & Millichap’s Palo Alto office, marketed the property on behalf of the seller, a local family office, and procured the buyer, a local syndication group.
Chad O’Connor, executive managing director, capital markets, based in the firm’s San Diego office, secured acquisition financing with a national bank. The loan features a 10-year term at 70% loan-to-value with a 5.85% interest rate and 30-year amortization period.
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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
Lenders
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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