California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Old Adobe Divests Silicon Valley MF for Record Price
Old Adobe Management Company divested Velocity at Lawrence Station, a 56-unit multifamily property for $25.5 million. The record-breaking sale price works out to $456,250 per unit at a multifamily asset located in the heart of Silicon Valley at 3488 and 3508-3518 Agate Dr. The buyer was an undisclosed private owner.
Marcus & Millichap’s Robert Johnston, who directed the sale with Adam Levin, says, “The Levin Johnston team assisted Old Adobe Management Company in acquiring this 56-unit property in February of 2015 for $14,250,000. 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.”
Large-scale renovations were performed on both the interior and exterior of the property, which is located in walking distance to Caltrain’s Lawrence Station.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




