SANTA CLARA, CA—Record-breaking stats continue to mount in the Valley. In a recent high price per unit sale, Velocity at Lawrence Station sold for $456,250 per unit, or a total of $25.55 million. The seller was Old Adobe Management Company and the buyer was a private owner.

“This is the ultimate example of a successful full-cycle investment,” says Robert Johnston, senior vice president of Levin Johnston. “The Levin Johnston team assisted Old Adobe Management Company in acquiring this 56-unit property in February of 2015 for $14.25 million. After extensive strategic renovations, the property's value increased exponentially, enabling us to achieve a per-unit sale price that is the highest in the history of Santa Clara for a community with more than 10 units, according to CoStar.”

Velocity at Lawrence Station is located at 3488 and 3508-3518 Agate Dr. Large-scale renovations were performed on both the interior and exterior of the property, including new roofing, upgraded plumbing including copper risers and sewer lines, and new electrical wiring in every unit. The property also features all-new drought-resistant landscaping, as well as new carports and newly upgraded common areas with barbecues. In-unit amenities were substantially upgraded, including finishes such as quartz countertops as well as new dishwashers, and the addition of washers and dryers in every unit.