Apartment Near Oracle Fetches Nearly 24M

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.”