**Legacy Multifamily Property Sold in Salinas Amid Tight Supply**
Levin Johnston, a division of Marcus and Millichap, has completed the sale of Archer Gardens Apartments, a 32-unit multifamily community located at 633 Archer Street in Salinas, California. Originally built in 1972, the property sold for $8.25 million. The sale highlights Salinas as one of the fastest-growing markets for apartment rental rates in the country.
“The buyer of Archer Gardens Apartments recognized the value of a legacy asset in a region with a significantly constrained supply of new multifamily projects,” said Robert Johnston, Executive Managing Director at Levin Johnston. “The seller is reflective of the current trend among investors moving from smaller properties to larger, higher-quality assets located in emerging markets as a strategic move to hedge against inflation.”
According to Adam Levin, also Executive Managing Director at Levin Johnston, the seller plans to reinvest the proceeds in a multifamily property of 50 units or more as part of a portfolio adjustment. Levin, Johnston, and Investment Associate Joshua Velo represented both the buyer and the seller in the transaction.
This sale underscores continued investor interest in well-located legacy assets in high-demand rental markets.
