Levin Johnston, the multifamily team within Marcus & Millichap that is described as the firm's top-ranked group nationally, has completed the investment sale of Park Plaza, a multifamily community in San Jose. The team represented the seller in the disposition and also sourced the buyer, a local family partnership, as part of a 1031 exchange strategy.
Executive managing directors Adam Levin and Robert Johnston led the assignment and arranged all aspects of the transaction for the parties involved. According to the brokerage, the local family partnership moved into Park Plaza after selling two single-family homes, using the like-kind exchange structure to reposition its holdings into a larger rental asset.
The buyer's move into Park Plaza was framed as a step toward consolidating separate smaller residential investments into a single core, stabilized multifamily property. Levin noted that the exchange allowed the investor to reset depreciation schedules and seek improved long-term cash flow from a single community investment, while remaining in the same general market area.
Levin also emphasized that the family partnership viewed the trade as a way to capture tax advantages available through the exchange structure, while at the same time increasing operational scale by moving from multiple single-family rentals into a multifamily asset. The expectation, according to the brokerage, is that this shift will provide the buyer with greater potential to streamline operations and expenses compared with holding several smaller properties.
Park Plaza itself is described as a well-maintained, 16-unit apartment community originally constructed in 1964. The property benefits from steady renter demand, supported by access to a mix of nearby retail, dining, and entertainment options, as well as broader regional connectivity throughout the surrounding area.
The brokerage highlighted that Park Plaza is positioned in what it characterizes as one of Silicon Valley's most supply-constrained apartment markets. Within that context, the acquisition gives the buyer exposure to an established multifamily asset base in a location where demand for rental housing is noted as durable. The parties did not disclose additional financial or pricing details related to the transaction.
