FAQ: Levin Johnston's Silicon Valley Multifamily Portfolio Sale
Summary
Levin Johnston of Marcus & Millichap completed the sale of a three-property Silicon Valley multifamily portfolio totaling 33 units for over $13.4 million, representing strategic portfolio repositioning by the seller to leverage tax benefits and capitalize on renewed market interest in the region.
What properties were included in the Silicon Valley multifamily portfolio sale?
The portfolio included three properties: 700 & 710 Coleman Avenue in Menlo Park (15 units), 3331 Princeton Way in Santa Clara (8 units), and 119 Crescent Avenue in Sunnyvale (10 units), totaling 33 units across these Silicon Valley locations.
Who represented the seller and buyer in this transaction?
The Levin Johnston team of Marcus & Millichap, consisting of Adam Levin (Executive Managing Director), Robert Johnston (Executive Managing Director), and Jessica Tomasetti (Associate Director Investments), represented both the seller and procured the buyer.
Why did the seller decide to sell these properties at this time?
The seller held these vintage assets for several years and was looking to trade into fully remodeled assets, strategically leveraging current market conditions and tax benefits including new accelerated depreciation schedules.
What market conditions made this an opportune time for the sale?
The sale occurred amidst rejuvenated interest in Silicon Valley and San Francisco Bay Area due to the region’s unmatched employment, networking opportunities, and access to high-quality urban and suburban living, with continued increase in return-to-office mandates.
How does the Bay Area’s tech dominance relate to this real estate transaction?
According to Brookings Institution research cited, despite some geographical diversification, the Bay Area continues to dominate the next generation of tech, with San Francisco and San Jose as unparalleled hubs of AI success, driving revitalized interest in the region.
What are the seller’s plans after this portfolio sale?
The private investor seller is consolidating into two larger, more stabilized assets in the Silicon Valley and East Bay, more than doubling their unit count with new acquisitions expected to close in the coming weeks.
What amenities do these multifamily properties offer?
The properties feature various amenities including private covered parking, on-site laundry facilities, and the Santa Clara property also includes a community pool, with unit configurations ranging from one- to three-bedroom floorplans.
Who was the buyer attracted to in this transaction and why?
The buyer was attracted to the upside potential of these assets and their diversified locations within Silicon Valley, recognizing the resilient fundamentals and stable, high-barrier submarkets of Menlo Park, Santa Clara, and Sunnyvale.
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