The Levin Johnston team of Marcus & Millichap negotiated the trade of Lakewood Court Apartments, a 48-unit multifamily community in San Jose, for an undisclosed sum. The team completed the sale on behalf of a private investor client, as part of a 1031 exchange.
The buyer is a high-net-worth executive at a technology firm who purchased the property for cash, said Adam Levin, executive managing director of Levin Johnston.
“Our team has tapped into a new buyer pool—one of affluent private investors from the tech sector who are willing and able to pay all-cash for high-quality multifamily assets in strong markets,” said Levin. “The buyer paid top dollar and performed, representing the appeal of apartment communities to qualified investors in key Northern California locations.”
The property sold at a comparatively low cap rate of 4.69%, indicating the ongoing recovery of this sector in prime markets like San Jose, said senior managing director Robert Johnston.
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