Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction.
The Levin Johnston team demonstrated the asset’s upside potential and runway for growth amid strong market fundamentals, helping all parties navigate the deal and bringing it to a successful close, according to Levin.
“While previous ownership had maintained the asset and completed roofing and interior renovations, the 1948-vintage property still offers significant opportunity for enhancement and modernization to add to the curb appeal,” said Levin. “For the seller, this was a chance to move out of a more management-intensive holding and capitalize on the market to redeploy into a strategy that fits their goals. For the buyer, it is a value-add opportunity in one of San Jose’s strongest rental submarkets, with real upside still to capture.”