BELMONT, CA–A 65-unit apartment complex, three21@belmont, located at 301-321 Oxford Way has been sold, according to Marcus & Millichap. The $23.65 million sales price equates to $363,846 per unit. Adam Levin, first vice president investments and Robert Johnston, vice president investments, both in Marcus & Millichap's Palo Alto office, represented the seller, and procured the buyer.
Levin tells GlobeSt.com: “Three21@Belmont is a perfect example of location driving value. The property benefits from being located within one of the strongest rental markets in the country and within walking distance of the Oracle campus. Through three21@Belmont's recent extensive stabilization process of fully remodeling and rebranding the property, the new owner will be able to reap the rewards of such a high quality asset.”
Exterior renovations include new redwood siding, exterior paint, dual-pane windows and sliders, and energy-efficient light fixtures. Interior upgrades include remodeled lobbies, an electronic door entry system, new pool deck and resurfaced pool, gym, remodeled laundry facilities, new common area hallways and interior common stairwells.
Johnston tells GlobeSt.com: "Apartments like three21@Belmont, with close proximity to strong employment corridors, see a 10 to 20% premium in rent. The previous ownership extensively renovated the property and added amenities to the apartment community which allowed management to push rents to nearly $4 per square foot."
Built in 1968 on 1.5 acres, three21@belmont consists of two three-story buildings with elevators and separate lobbies connected by a heated swimming pool. There are 75 parking spaces and four on-site laundry rooms. The unit mix is 37 junior one-bedroom/one-bath units and 28 deluxe one-bedroom/one-bath apartments.
As previously reported, a $59 million Marcus & Millichap transaction hit the books in Santa Rosa.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
