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California  + Bay Area  + Apartments  | 

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

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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