{"id":1004125215,"date":"2015-08-12T14:13:21","date_gmt":"2015-08-12T22:13:21","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=357334"},"modified":"2022-03-03T14:43:40","modified_gmt":"2022-03-03T22:43:40","slug":"asset-near-oracle-commands-premium","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/asset-near-oracle-commands-premium\/","title":{"rendered":"Asset Near Oracle Commands Premium"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

A multi-family asset in Belmont recently traded hands for $363,846 per unit, underscoring the strong demand for product in the Bay Area. Arranged by Marcus & Millichap<\/a> representatives Robert Johnston and Adam Levin, who both represented the seller and procured the buyer, the transaction was worth $23.65 million.<\/p>\n

\"three21@Belmont\"<\/a><\/p>\n

three21@Belmont<\/p>\n<\/div>\n

Known as three21@belmont, the 65-unit residential community is located on a 1.5-acre lot at 301-321 Oxford Way in Belmont. Although almost a half-century old, the community has undergone an extensive renovation that has allowed ownership to increase rents to $4 per square foot. Units like those at three21@belmont will command a 10 to 20 percent in rent, Johnson noted in a statement. The asset is located close to the Oracle campus.<\/p>\n

The previous owner added new redwood siding, exterior paint, dual-pane windows and sliders and energy-efficient light fixtures to the property’s exterior. Interior upgrades included a new management office, remodeled lobbies, electronic door system, a new pool deck and resurfaced pool, gym, laundry facilities and new common-area hallways and stairwells. The unit mix at three21@belmont consists of 37 junior one-bedroom units and 28 deluxe one-bedroom apartments.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Belmont, CA multifamily asset recently traded hands for a per-unit price of $363,846, further underlining the amount of growth recorded in The San Francisco Bay Area over the past interval. Arranged by Marcus & Millichap representatives Robert Johnston and Adam Levin, who both represented the seller and procured the buyer, the transaction was worth $23.65 million.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1609],"tags":[],"class_list":["post-1004125215","post","type-post","status-publish","format-standard","hentry","category-latest","category-san-francisco"],"acf":[],"yoast_head":"\nAsset Near Oracle Commands Premium - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/asset-near-oracle-commands-premium\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset Near Oracle Commands Premium\" \/>\n<meta property=\"og:description\" content=\"A Belmont, CA multifamily asset recently traded hands for a per-unit price of $363,846, further underlining the amount of growth recorded in The San Francisco Bay Area over the past interval. 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