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California  + Bay Area  + Apartments  | 

Marcus & Millichap Closes Castro Valley Apartment Sale

Marcus & Millichap arranged the sale and financing of Park Tower Townhomes & Apartments, a 52-unit multifamily property located at 20353 Park Way in Castro Valley. The asset sold for $16.5 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $10.8 million in acquisition financing.

Palo Alto-based executive managing directors Adam Levin and Robert Johnston, along with associate director Jessica Tomasetti, facilitated the sale of the property. Chad O’Connor, executive managing director with MMCC in the firm’s San Diego office, secured the financing with a national bank on behalf of the buyer. Loan terms include a 30-year term, fully amortized, with a 5.9% interest rate and 65% loan-to-value.

The property offers a mix of one- to three-bedroom units and offers amenities including a pool, fitness center and laundry. Originally built in 1965, Park Tower has undergone a comprehensive renovation.

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Marcus & Millichap's Levin Johnston team

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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