Marcus & Millichap Sells Multifamily Portfolio In Palo Alto And San Mateo For $17.9M

Two multifamily properties located at 325-327 Hawthorne Avenue in Palo Alto and 225 Catalpa Street in San Mateo were sold for $17.9 million. The properties comprise a total of 31 units, with an average price per unit of $577,419. This sale occurred in the Palo Alto and San Mateo markets, highlighting investor interest in Silicon Valley real estate.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $17,900,000
• Units: 31
• Price Per Unit: $577,419
• Address: 325-327 Hawthorne Avenue & 225 Catalpa Street
• Market: Palo Alto & San Mateo, CA

Adam Levin and Robert Johnston from Marcus & Millichap’s Levin Johnston team facilitated the sale, representing the transaction of both properties. The properties included a 15-unit asset in Palo Alto and a 16-unit structure in San Mateo, reflecting ongoing demand for multifamily investments in proximity to major technology employers and public transportation.