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California  + Apartments  | 

Legacy Apartments Change Hands in Supply Constrained Salinas

Levin Johnston of Marcus and Millichap finalized the sale of Archer Gardens Apartments, a circa-1972, 32-unit multifamily building located at 633 Archer St. in Salinas, which currently has some of the fastest-growing apartment rents in the country. The sale price was $8.25 million.

“The buyer of Archer Gardens Apartments recognized the value of a legacy asset in a region with a significantly constrained supply of new multifamily projects,” said Robert Johnston, executive managing director of Levin Johnston. “The seller is indicative of the current trend of investors looking to trade up from smaller properties to larger, high-quality assets in rapidly growing emerging areas to hedge against inflation.”

The proceeds are expected to be invested in a 50-unit-plus multifamily asset as part of an adjustment to the seller’s portfolio, added Adam Levin, executive managing director of Levin Johnston. Levin, Johnston and investment associate Joshua Velo represented the seller and procured the buyer.

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Marcus & Millichap's Levin Johnston

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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