**Affluent Tech Executive Acquires San Jose Apartments in All-Cash Deal**
The Levin Johnston team of Marcus & Millichap has successfully negotiated the sale of Lakewood Court Apartments, a 48-unit multifamily community located in San Jose, California. The transaction was completed on behalf of a private investor as part of a 1031 exchange, though the final sale price was not disclosed.
According to Adam Levin, Executive Managing Director at Levin Johnston, the buyer is a high-net-worth executive from the technology sector who purchased the property entirely in cash.
“Our team has tapped into a new buyer pool—affluent private investors from the tech sector who are willing and able to pay all-cash for high-quality multifamily assets in strong markets,” Levin said. “The buyer paid top dollar and performed, representing the appeal of apartment communities to qualified investors in key Northern California locations.”
The property traded at a cap rate of 4.69%, a relatively low yield that indicates strong investor confidence and continued recovery in the multifamily sector, particularly in prime markets like San Jose. This view was echoed by Robert Johnston, Senior Managing Director, who noted the significance of the low cap rate as a signal of sector resilience in the region.
