Levin Johnston of Marcus & Millichap has arranged the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, together with senior director, investments Cole Simpson, represented the seller and sourced the buyer in the $9,112,000 transaction.
According to the Levin Johnston team, the marketing process highlighted the property’s upside potential and prospects for future growth. They pointed to strong market fundamentals in the surrounding area as a backdrop for the sale and noted that their role involved guiding both parties through the transaction to a successful close.
First Street Manor is described as a 1948-vintage asset that has benefited from prior ownership’s efforts to maintain and improve the property. Previous ownership completed roofing work and interior renovations, helping to keep the community in functional condition while leaving room for the next owner to pursue additional improvements.
Levin commented that despite the renovations already completed, the community still offers significant opportunity for further enhancement and modernization. Upgrades aimed at strengthening curb appeal are among the value-creation strategies identified for the asset, positioning the property for potential revenue growth under new ownership.
From the seller’s perspective, the transaction provided an opportunity to exit a more management-intensive holding. The sale allows the seller to capitalize on current market conditions and reposition capital into an investment strategy that more closely aligns with their long-term objectives.
For the buyer, the acquisition represents a value-add play in what Levin described as one of San Jose’s strongest rental submarkets. With existing renovations in place and additional improvements envisioned, the purchaser is targeting the remaining upside at First Street Manor, reflecting ongoing investor interest in well-located multifamily communities with clear paths to enhancing performance.
