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Levin Johnston of Marcus & Millichap<\/a> has completed the sale of First Street Manor, a 39-unit apartment community in San Jose, California. Executive Managing Directors Adam Levin<\/a> and Robert Johnston<\/a>, along with Senior Director, Investments Cole Simpson, represented the seller and procured the buyer in the $9.112 million transaction.<\/p>\n The Levin Johnston team demonstrated the asset\u2019s 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.<\/p>\n \u201cWhile 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,\u201d says Levin. \u201cFor 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\u2019s strongest rental submarkets, with real upside still to capture.\u201d<\/p>\n San Jose\u2019s multifamily fundamentals remain among the strongest in the country, with vacancy expected to fall to 3.2% by year-end and effective rents up 4.4% year over year amid the tightest new supply pipeline in years, according to Marcus & Millichap\u2019s 2Q 2026 San Jose Multifamily Market Report<\/a>. Even with those tailwinds, Levin Johnston had to source from a smaller pool of buyers who were actually capitalized to close in today\u2019s higher-interest-rate environment to bring this transaction home, notes Johnston.<\/p>\n \u201cThere are not many deals closing in the $5 million and above range right now given where interest rates sit, and higher borrowing costs make it difficult for many buyers to make the numbers work, even when the underlying fundamentals are strong,\u201d explains Johnston. \u201cClosing this sale took real work on our end to identify a viable buyer and structure a transaction that made sense for everyone involved. We are actively working with investors across the Bay Area to identify multifamily acquisition opportunities with meaningful upside, particularly for buyers positioned to move quickly in today\u2019s environment.\u201d<\/p>\n San Jose\u2019s proximity to Silicon Valley employers, San Jose State University, and Mineta San Jose International Airport continues to support resident demand and rents in the submarket. First Street Manor\u2019s studio, one-bedroom, and two-bedroom floor plans are within walking distance of Downtown San Jose and the Target-anchored San Jose Market Center. The 18,305-square-foot property sits on a 0.87-acre parcel one block from the Japantown\/Ayer light rail station at 523 North 2nd Street<\/a> in San Jose.<\/p>\n For more information about Levin Johnston\u2019s $200 million in available properties, visit www.levinjohnston.com<\/a>.<\/p>\n ABOUT LEVIN JOHNSTON OF MARCUS & MILLICHAP<\/p>\n Levin Johnston of Marcus & Millichap is one of the top multifamily brokerage teams in the U.S., specializing in wealth management through commercial real estate investments. With a focus on growing and sustaining wealth for each and every Client, the Levin Johnston team is expert in investment sales and acquisitions, value-driven asset management, 1031 exchanges, and ongoing advisory services. Since its inception, Levin Johnston has completed more than 1,260 property sales totaling more than 25,300 units and $9 billion in transaction volume to date, resulting in stable risk-adjusted returns for investors throughout the U.S. Levin Johnston is part of Marcus & Millichap\u2019s Palo Alto office. More information is available at levinjohnston.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Levin Johnston of Marcus & Millichap has completed the sale of First Street Manor, a 39-unit apartment community…\n","protected":false},"author":2,"featured_media":479454,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[88,90,89],"class_list":["post-479453","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/479453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=479453"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/479453\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/479454"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=479453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=479453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=479453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}