CAMPBELL, CALIF. – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Campbell Plaza Apartments, a 121-unit garden-style apartment complex in the city of Campbell, Calif. The sales price of $27,600,000 equates to $228,000 per unit.
IPA executive vice president investments Stanford Jones, IPA vice president investments Salvatore Saglimbeni and IPA vice president investments Philip Saglimbeni advised the seller, Spieker Companies. The buyer is The Bascom Group.
“The investment appeal of this asset is driven by Silicon Valley’s extraordinary employment fundamentals, which are expected to translate to continued high market occupancy, as shown by Campbell’s second quarter 2013 average occupancy of 97.5 percent,” says Jones. “Strong market occupancy is also reflected at the property and should enable the buyer to continue to increase market rents.”
“In addition to proximity to thriving high-tech employers such as eBay and Netflix, Campbell Plaza represents a prime urban infill community,” adds Salvatore Saglimbeni. “Vibrant Downtown Campbell, the VTA Light Rail Line and the Safeway Anchored Campbell Plaza Shopping Center are all within walking distance.”
Built in 1972 on 3.8 acres, the property is located at 710 Nido Drive and consists of one single-story clubhouse/fitness center and eight two-story residential buildings. The one-, two- and three-bedroom floor plans average approximately 785 square feet and feature fully equipped kitchens, separate dining room areas in most homes and spacious bedrooms.