CAMPBELL, CA-Spieker Cos. has sold Campbell Plaza Apartments for $27.6 million. The buyer was the Bascom Group.
Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap arranged the sale, which equated to $228,000 per unit. IPA executive vice president investments Stanford Jones, IPA vice president investments Salvatore Saglimbeni and IPA vice president investments Philip Saglimbeni advised the seller.
“The investment appeal of this asset is driven by Silicon Valley's extraordinary employment fundamentals, which are expected to translate to continued high market occupancy, as shown by Campbell's second quarter 2013 average occupancy of 97.5%,” says Jones. “Strong market occupancy is also reflected at the property and should enable the buyer to continue to increase market rents.”
Built in 1972 on 3.8 acres, the property is located at 710 Nido Dr. and consists of one single-story clubhouse/fitness center and eight two-story residential buildings. The one-, two- and three-bedroom floor plans average approximately 785 square feet and feature fully equipped kitchens, separate dining room areas in most homes and spacious bedrooms.
The community has an outdoor swimming pool and spa, picnic area, open-space, parking and a renovated clubhouse with billiards room, lounge, computer room, kitchen area, shared laundry room and state-of-the-art fitness center.
“In addition to proximity to thriving high-tech employers such as eBay and Netflix, Campbell Plaza represents a prime urban infill community,” adds Saglimbeni. “Vibrant Downtown Campbell, the VTA Light Rail Line and the Safeway Anchored Campbell Plaza Shopping Center are all within walking distance.”
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
