Three contiguous garden-style legacy multifamily buildings totaling 59 units on Bellomy Street in Santa Clara, California, have traded for $18 million.
Levin Johnston, a brokerage unit of Marcus & Millichap, arranged the sale of these properties on behalf of Marymount Place LLC to a local investment group focused on value-add acquisitions, listed as Bellomy St Portfolio LLC. These assets are located in a supply-constrained market.
“Santa Clara has seen net absorption keep pace with deliveries, positioning it as a stable, high-barrier submarket within a region that is regaining its economic and demographic footing,” Robert Johnston, executive managing director at Levin Johnston, told GlobeSt.com.
“Amidst resilient fundamentals, mandated return to office, and a resurgence of interest in living in urban cores, the buyer was drawn to the opportunity to acquire well-situated legacy assets and implement a value-add renovation plan, leveraging the property’s proximity to major employers. This will include exterior upgrades such as new paint and signage, along with high-end luxury interior finishes.”
Similar performance has been seen in the surrounding area, which includes submarkets such as North Sunnyvale. The broader Western Bay Area, including San Francisco, is also experiencing a reset, as completions have dropped since 2020.
Residents here face a widening affordability gap between renting and owning, reaching over $9,200 per month in San Francisco and the South Bay. Therefore, long-term renter demand has made assets including ones like the deal on Bellomy Street increasingly attractive.
Classic Mid-Century California Design
The portfolio that traded hands was built in 1951 and comprises communities at 1962, 1972, and 1978 Bellomy Street, spanning 1.59 acres with a combined gross building area of approximately 39,599 square feet.
The studio, one, two, three and four-bedroom units are built across low-density, two-story constructions and reflect classic mid-century California multifamily design. Its exteriors are well-maintained and each optimizes natural light. The property features an outdoor pool, surface parking and shared landscaped areas.
At 1962 Bellomy Street, there are 37 units; 1972 Bellomy Street is the most compact, featuring eight one-bedroom units; 1978 Bellomy Street comprises 14 units and offers the broadest range of configurations, including one-bedroom, two-bedroom and a spacious four-bedroom, 2.5-bathroom unit.
Nearby are Santa Clara University and Santana Row’s shopping and dining corridor, PayPal Park and Downtown San Jose.
Also, major tech employers are located in the area, and residents enjoy seamless connectivity via U.S. Route 101, State Route 82, Interstates 880 and 280, as well as the nearby Lawrence Caltrain Station.
The neighborhood is walkable and transit-friendly, with retail hubs and access to parks and schools.
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