Levin Johnston of Marcus & Millichap, a U.S. multifamily brokerage team specializing in wealth management through commercial real estate investments, has directed the $8.8 million acquisition of a one-acre multifamily community in Mountain View, Calif.
Located at 440 North Rengstorff, the apartment property is near downtown Mountain View, in close proximity to schools, shopping, dining, and highways 101 and 85, providing direct access to all major Bay Area locations.
Adam Levin, senior managing director for Levin Johnston, and Robert Johnston, also a senior managing director with Levin Johnston, represented the buyer, a local, well-seasoned apartment investor who will continue to operate the property as a cash-flow investment.
“The investment appeal of this asset is driven by its prime location in the Silicon Valley,” said Johnston. “Tech employers continue to attract talent to the region, such as Google, which employs over 62,000 people in the immediate vicinity. Future job growth over the next 10 years is predicted at 43.6 percent, which is higher than the U.S. average of 38 percent. All of this activity supports renter demand at an all-time high.”
The 16-unit complex is located in the heart of Mountain View — 1.2 miles away from Google’s headquarters. The low-density property is in close proximity to many other top tech employers, such as Facebook, Apple and Amazon, among others.
“This asset is well positioned for significant added value creation through renovation or potential redevelopment,” said Levin. “We were able to help the buyer to acquire a cash-flow property now with tremendous potential for growth in the long term.”