Levin Johnston Team Closes Belmont Apartment Sale

Marcus & Millichap arranged the sale and financing of Carlmont Hills Apartments, a 16-unit multifamily property located at 2401 Carlmont Dr. in Belmont. The property sold for $5.75 million or $359,375 per unit. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $3.8 million in acquisition financing.

“Carlmont Hills Apartments offered the buyer an opportunity to acquire a well-maintained asset with meaningful upside through continued interior and exterior renovations,” said Adam Levin, executive managing director investments. “Belmont’s limited housing supply, low vacancy and proximity to Silicon Valley’s major employment centers continue to support rental growth, positioning the property for long-term appreciation.”

Levin and Robert Johnston, of the Levin Johnston team based out of Marcus & Millichap’s Palo Alto office, marketed the property on behalf of the seller, a local family office, and procured the buyer, a local syndication group.

Chad O’Connor, executive managing director, capital markets, based in the firm’s San Diego office, secured acquisition financing with a national bank. The loan features a 10-year term at 70% loan-to-value with a 5.85% interest rate and 30-year amortization period.

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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).

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